This article is 14 years old. Images might not display.
88娱乐城
Crowder鈥檚 appointment was effective November 30.
Kroontje, who had been in the interim seat since September 16, will remain a director of the company.
Crowder was previously vice-president of the Canada-based company鈥檚 wholly owned subsidiary, Cobalt Coal Mining, a position he had held since last February. In addition to the new responsibilities, he will continue with his previous duties overseeing mining operations at the Westchester operation in West Virginia.
Meanwhile, Cobalt also announced a non-brokered private placement of up to 7 million units of the corporation at US5c per unit for gross proceeds of $350,000. Each will consist of a common share and common share purchase warrant good for common share purchase at 10c for a period of two years from the closing date on or before December 10.
The proceeds will be used for general corporate and working capital needs as part of the company鈥檚 effort to closely monitor cash flow since restarting Westchester last September.
鈥淢anagement has determined that it would be in the best interests of the company to supplement current working capital with this private placement in order to help insure future uninterrupted mine operations,鈥� Cobalt said.
鈥淗igher levels of production and therefore increased cash flows continue to be experienced as operating improvements are implemented at the mine.鈥�
In related Westchester news, production on a new reality/documentary series, Coal, set at the McDowell County mine has commenced. The 10-episode show will air on Spike TV in the US in 2011.
