Cliffs offers senior notes
In an effort to repay private placement senior notes due in 2013 and 2015, Cliffs Natural Resources has priced a registered public offering of $500 million in securities due January 2018.
Cliffs expects to close the offering on December 13, subject to customary closing conditions. The miner said proceeds would also be used for general corporate purposes.
JP Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets are serving as join book-running managers.
Clean Coal sells major stake
New York-based Clean Coal Technologies has closed the first tranche of a $15 million sale of common shares to Singapore’s Ventrillion Management Company.
Clean Coal said it intends to use the proceeds for the completion of its pilot plan and commercialization of its “Pristine” technology which converts raw coal into a cleaner burning fuel. The investment will also be applied to general corporate expenses and working capital.
The second and third tranches of the investment are expected to close within six and 12 months of the agreement, respectively.
Colonial makes headway in BC
Vancouver-based developer Colonial Coal has wrapped up 2012 exploration activities at its Huguenot property in northeast British Columbia.
A 36-hole program across three primary blocks of the 7600-hectare tenement is expected to produce a report by spring 2013.
Colonial president and chief executive said he was pleased with the recent exploration work and tallied Huguenot’s current coal resource in excess of 189 million tonnes, measured and indicated.