SOURCE: Liberty Coal Energy Corp
DENVER, CO--(Marketwire - Oct 11, 2012) - Liberty Coal Energy (OTCQB: LBTG) (the "Company," or "Liberty Coal") is pleased to announce that it has closed an equity placement of $9,196,500.00 (Nine million, One Hundred Ninety Six Thousand, Five Hundred dollars) with 10 institutional accredited investors, through its equity advisor Catwalk Capital, LLC. Ed Morrow, CEO of Liberty Coal Energy had this to say, "This funding provides Liberty Coal the financial capability to complete its plan on the Owsley County, Kentucky coal property and to make additional acquisitions to grow its business plan. We are grateful to Catwalk Capital for their diligence and aid in the acquisition of this capital facility."
The Owsley property comprises approx. 1000 acres of fee surface and coal rights, and has a mine plan in place and a phase 1 permit technically approved by the Kentucky Department of Natural Resources. The permit may be activated by posting the required reclamation bonds and liability insurance. The coal quality is excellent thermal coal, used primarily for generation of electricity.
The recoverable thermal coal resource on the Owsley project is in excess of 5.7 million tons. 3.5 million tons are recoverable with surface and highwall mining, and an additional 2.2 million tons are recoverable by underground deep mining. Owsley resources have a sales value in excess of $300 million over 10 years of planned production.
About Liberty Coal Energy Corp.
Liberty Coal Energy is a resource development and production company with coal property in eastern Kentucky. Liberty Coal's plan is that the Owsley production will be followed by a series of similar sized projects in the Appalachian coal fields over the next three plus years. The Company is building the foundation for success in the United States' most active coal mining regions. Liberty Coal Energy is dedicated to the acquisition, development and production of coal in North America. The Company is committed to creating value for its shareholders by maintaining the highest environmental standards to produce clean coal for the nation's energy needs. Please visit the Company's website www.libertycoal.com for additional information.
About Catwalk Capital, LLC:
Catwalk Capital is the equity funding advisor to Ferme Group, www.fermegroup.com. Ferme assists private and public companies, investment banks and institutional investors in their drive to create value. Ferme's advisors are versatile and have worked extensively in many industries and transaction types. Ferme's worldwide network of channel partners provides a large geographic capability.
For further information on Liberty Coal, contact Samantha White at 888-399-3989 or email@example.com
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements. Such statements are based on current expectations, estimates and projections about the Company's business. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.