Kopex to raise capital for international expansion

Primetech SA

14/03/2014 17:08

WARSAW, March 14 (Reuters) - Polish coal mining company Kopex  KPX.WA  plans to issue up to 10.5 million new shares, equal to 14 percent of its existing share capital, to raise funds for international expansion, mainly in Russia, China and Argentina. Kopex said it will have the right to issue the shares over the next three years. The company added that it needs new funds also for its planned coal mine near the Polish city of Oswiecim. Kopex shares have fallen about 20 percent over the last twelve months, suffering from a fall in the company's revenue in 2013, but have risen 30 percent since the start of 2014. The company's current market capitalisation stands at $335 million. (Reporting by Marcin Goettig; Editing by Elaine Hardcastle) ((marcin.goettig@thomsonreuters.com)(+48226539720)(Reuters Messaging: marcin.goettig.reuters.com@thomsonreuters.net)) Keywords: POLAND KOPEX/ISSUE