BRIEF-Colonial Coal to sell 24 mln units of co in private placement

Mon May 2, 2016 12:43pm EDT
 
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May 2 (Reuters) - Colonial Coal International Corp

* Colonial Coal International Corp.: Proposed private placement and 10% Flatbed property interest acquisition

* Says in conjunction with proposed private placement corporation has agreed to sell 24 million units of co

* Says sale at a price of $0.10 per unit for gross proceeds of $2.4 million

* Says corresponding agreement by investor group to acquire a 10% interest in corporation's Flatbed property

* Says deal for cash consideration of $5 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780)