ST. LOUIS, July 22 /PRNewswire-FirstCall/ -- Patriot Coal Corporation
(NYSE: PCX) (the "Company") announced that its stockholders have approved
the issuance of common stock in connection with the pending acquisition of
Magnum Coal Company ("Magnum"), at a special meeting held today in St.
Louis. Over 80% of the Company's outstanding shares were represented at the
meeting, and 98% of the represented shares were voted in favor of the
issuance. The Company expects to close the transaction on Wednesday, July
23.
Under the terms of the Agreement and Plan of Merger (the "Merger
Agreement"), dated as of April 2, 2008, among the Company, Magnum, Colt
Merger Corporation, and ArcLight Energy Partners Fund I, L.P. and ArcLight
Energy Partners Fund II, L.P., acting jointly as the Stockholder
Representative, Magnum's stockholders will receive approximately 11.9
million shares of newly-issued Patriot Coal common stock.
About Patriot Coal
Patriot Coal Corporation (the "Company") is the third largest producer
and marketer of coal in the eastern United States, with 21 Company-operated
mines and numerous contractor-operated mines in Appalachia and the Illinois
Basin, following the closing of the acquisition of Magnum. The Company
ships to domestic and international electric utilities, industrial users
and metallurgical coal customers, and controls approximately 1.9 billion
tons of proven and probable coal reserves, including Magnum. The Company's
common stock trades on the New York Stock Exchange under the symbol PCX.
Forward Looking Statements
Certain statements in this press release are forward-looking as defined
in the Private Securities Litigation Reform Act of 1995. These statements
involve certain risks and uncertainties that may be beyond our control and
may cause our actual future results to differ materially from expectations.
We do not undertake to update our forward-looking statements. Factors that
could affect our results include, but are not limited to: changes in laws
or regulations; changes in general economic conditions, including coal and
power market conditions; the outcome of commercial negotiations involving
sales contracts or other transactions; the Company's dependence on coal
supply agreements with Peabody Energy Corporation in the near future;
geologic, equipment and operational risks associated with mining; supplier
and contract miner performance and the availability and cost of key
equipment and commodities; the Company's ability to replace coal reserves;
labor availability and relations; availability and costs of transportation;
weather patterns affecting energy demand; legislative and regulatory
developments; risks associated with environmental laws and compliance; the
outcome of pending or future litigation; and the availability and costs of
competing energy resources. The Company undertakes no obligation (and
expressly disclaims any such obligation) to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise. For additional information concerning factors that
could cause actual results to materially differ from those projected
herein, please refer to the Company's Form 10-K, 10-Q and 8-K reports.
Important Information for Stockholders
The Company has filed Amendment No. 2 to its Registration Statement on
Form S-4 (the "Registration Statement") with the Securities and Exchange
Commission (the "SEC") in connection with the proposed issuance of Company
common stock in the transaction with Magnum Coal Company ("Magnum") that
includes a definitive proxy statement/prospectus. Investors and
stockholders are urged to read the definitive proxy statement/prospectus
and any other relevant documents filed with the SEC because they contain
important information about the proposed issuance. Investors and
stockholders may obtain these documents free of charge at the website
maintained by the SEC at http://www.sec.gov. In addition, documents filed
with the SEC by the Company are available free of charge by contacting
investor relations by phone at 314-275-3680, in writing to Janine A. Orf,
Director of Investor Relations, or by email to jorf@patriotcoal.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
SOURCE Patriot Coal Corporation
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Related links:
http://www.patriotcoal.com
CONTACT:
Janine Orf of Patriot Coal Corporation,
+1-314-275-3680
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