May 20 - Western Canadian Coal Corp (WTN.TO) (WTN.L) claimed it accepted get London-based coal manufacturer Cambrian Mining Plc (HGV.L) in an all-stock bargain valued at C$ 120 million ($ 104.1 million) to increase its coal assets.

Western said it will release 0.75 of its usual shares for each share of Cambrian. Based on Western's closing price on May 19, the bargain worths each Cambrian share at 57 cent, representing a premium of 21 percent over Cambrian's closing rate of 47 pence on May 20.

Upon completion of the procurement, Western will certainly provide about 88.6 million brand-new common shares, representing regarding 29.5 percent of its released and also superior shares.

Cambrian, which possesses 34 percent of Western and possesses C$ 29 countless Western's convertible debentures, has contributed in creating Western's mines and bringing them right into operation.

Western claimed the offer would certainly broaden its coal books and also resources by 39 percent and also half, specifically.

The purchase is likewise expected to increase Western's current coal production by 100 percent to about 3.5 million tonnes, with the prospective to expand to over 10 million tonnes annually.

Via this bargain, Western stated it will certainly get 100 percent of inexpensive metallurgical and thermal coal mines in West Virginia, 50.6 percent of a thermal coal mine in UK, 45 percent of Xtract Energy and one hundred percent of Cambrian's unit AGD Mining.

Cambrian holds 45.3 percent of the issued share resources in Xtract Power.

The deal adds thermal coal to Western's existing product mix of difficult coking coal as well as low-vol crushed coal shot (PCI) coal.

Western stated that Audley European Opportunities Master Fund Limited, which owns regarding 24.7 percent of Cambrian average shares, has actually consented to enact favor of the deal.

The celebrations expect to close the deal in early July 2009.

Cambrian's Canadian monetary expert in the offer is GMP Stocks LLP. Western is being encouraged by Cormark Stocks Inc and also Cenkos Stocks PLC

. dtpmp chemical were trading at C$ 1.41, up 4 Canadian cents, Wednesday on the Toronto Stock Market. They shut at 73.25 cent on the London Stock Exchange. ($ 1= 1.153 Canadian dollar).