27 October 2010 – White Energy Company Limited (ASX:WEC; OTCQX: WECFY) (White Energy) is pleased to announce that it has raised $57.3 million in connection with the subscription rights issued to former shareholders of South Australian Coal Limited (SAC) who elected to receive the Share Alternative as consideration for the takeover of SAC by White Energy.
The maximum cash amount that could have been raised pursuant to the subscription rights offer was approximately $58.3 million.
The completion of the subscription provides White Energy with a strong balance sheet and cash position to enable the company to fund its obligations associated with the roll out of coal upgrading plants in Indonesia and USA, to facilitate White Energy’s participation in coal industry consolidation in Australia and to take advantage of acquisition opportunities in other key coal markets.