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Brean Murray, Carret & Co. Completes $15.6 Million Follow-on Offering for Puda Coal, Inc.
Thursday, February 18, 2010
Brean Murray, Carret & Co. (BMC), a leading full-service investment banking and financial services firm, announced that it served as Lead Managing Underwriter as Sole Bookrunner of a Follow-on public offering for Puda Coal, Inc. (AMEX: PUDA), a supplier of high-grade metallurgical coking coal and a coal mine consolidator in Shanxi Province, China. The Company sold 3.28 million shares of common stock (including the over-allotment option) at $4.75 per share, for aggregate proceeds of $15.6 million. The Company intends to use the net proceeds from the offering, together with available cash, to fund the previously announced acquisition of two coal mines.
Puda Coal, through its subsidiaries, supplies premium high-grade metallurgical coking coal used to produce coke for steel manufacturing in China. The Company currently possesses 3.5 million metric tons of annual coking coal capacity. The Company has also recently moved upstream into coal mining. In May 2009, the Company entered into an equity transfer agreement to acquire 18% of Jianhe Coal. In September 2009, the Shanxi government approved the Company's plan to consolidate eight coal mines in Pinglu County, Shanxi Province.
Brean Murray, Carret’s Investment Banking Group is dedicated to helping our clients achieve their strategic and financial goals. For over 35 years, the Firm has specialized in providing underwriting, financing, M&A advisory and independent financial advisory services. As demonstrated by our track record, Brean Murray, Carret’s industry knowledge, commitment and experience are critical to ensure a successful transaction.
For further details regarding this transaction or Brean Murray, Carret’s Investment Banking practice, please contact Derek Woodworth, Managing Director, at 212.702.6545.
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