CanAm Coal Corp. (TSXV:COE) announced a private placement of up to 14,000 units at CAD 1,000 per unit for gross proceeds of up to CAD 14,000,000 on April 30, 2014. Each unit consists of CAD 1,000 principal amount of 12% non-convertible secured debentures and 670 common share purchase warrants. The private placement will be done on commercially reasonable efforts. Each warrant entitles the holder to purchase one common share of the company at a price equal to the volume weighted average price plus 30%, for a period of 4 years from the closing date. The volume weighted average price is the volume weighted closing price of the common shares on the TSX Venture Exchange for the 10 day period ending on the business day prior to the closing date of the offering. The debentures will mature 48 months from the date of issuance of the debentures and will bear interest at a rate of 12% per year, payable semi-annually. The debentures will include certain provisions for repayment of the principal. Starting on the 25th month from the day on which the debentures are issued, the principal amount of the debentures will be repaid at a rate of CAD 200,000 per month, payable quarterly, with such payments being made pro rata on all outstanding debentures. The debentures will also have optional early redemption provisions in favor of the company starting from 13th month. Richardson GMP will act as broker for the company. The company will pay broker's fee and issue broker's warrants in compensation to the agent. The closing date of the offering is expected to occur on or about May 9, 2014. The offering is subject to receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange.

On May 8, 2014, the company announced that it is planning to close the transaction on or before May 16, 2014. It is anticipated that insiders and close associates will participate in the transaction for approximately CAD 4,000,000 to CAD 4,500,000 with insiders representing approximately CAD 2,700,000.

On May 16, 2014, the company announced that it has received signed subscription agreements for CAD 13,000,000. The company expects to close the transaction on or before May 23, 2014. The insiders and close associates will participate in the transaction for approximately CAD 4,400,000 with insiders representing approximately CAD 2,700,000. The transaction has been conditionally approved by TSX venture Exchange.

On May 23, 2014, CanAm Coal Corp. closed the transaction. The company received CAD 14,000,000 in brokered private placement. As a part of the transaction, 9,400,000 warrants were issued at a price of CAD 0.065 per share. The warrants are subject to a four month hold period that will expire on September 23, 2014. The insiders invested approximately CAD 2,600,000 in cash and purchased approximately 1,700,000 warrants. The exercise of the warrants issued to the insiders is subject to disinterested shareholder approval which the company intends to seek at its next shareholder's meeting. The TSX Venture Exchange has conditionally approved the private placement. Richardson GMP acted as placement agent to the company and received broker's fee and warrants in connection with the offering.