Churchill completes placing, appoints directors

Embattled UK coal mining firm Churchill Mining Plc announced on Monday that it has completed the placing 19,345,000 ordinary shares was made at 40 pence per share to Rachmat Gobel and Fara Luwia, through a jointly-held company majority-owned by Gobel raising ?7,738,000.

Churchill said it would use the proceeds of the placement for the further development of the East Kutai Coal Project (EKCP).

The shares represent approximately 16.0% of the enlarged issued ordinary share capital of Churchill.

The company also appointed Gobel and Luwia, as well as Gregory Radke as Non-Executive Directors.

Gobel is the President Director and majority owner of PT Gobel International, a well-known company with extensive network.

Luwia is also a successful Indonesian businesswoman, involved in property, rice mills as well as clothing and furniture.

Radke is a key member of the senior management team of Pala Investments AG, serving as General Counsel. Pala Investments AG is the exclusive advisor to Pala Investments Holdings Limited, a long-term private equity investment group and the largest shareholder in Churchill Mining.

Churchill is struggling to get its EKCP mining license reinstated after a local administrative court upheld East Kutai regent?s decision to cancel its mining license. (romel)