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Coalspur Concludes Funding Arrangement For Up To US$350 Million To Fund Majority Of Vista Phase 1 Development Capital

Highlights:

  • Senior debt facility from EIG Global Energy Partners to provide up to US$350 million, increased from previously announced US$300 million
  • Access to funding under this Facility maintains forecast construction schedule and first production in 2015
  • Existing Borrowdale Park facility to be restructured into subordinated note
  • Coalspur retains all off-take and marketing rights, allowing it to preserve strategic flexibility and to maximise value for Coalspur shareholders in the future
  • 100% ownership of Vista asset retained

CALGARY, April 18, 2013 /CNW/ - Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is pleased to announce that it has entered into binding agreements with EIG Global Energy Partners (" EIG") to provide a senior secured debt facility of up to US$350 million (the " Facility"). Proceeds from the Facility are expected to fund the majority of development capital for Stage 1 of the Company's Vista Coal Project (" Vista"), which has an estimated capital cost of C$445 million. Vista Stage 1 will produce approximately three million tonnes per annum (" Mtpa") of clean coal with production commencing in 2015.

The Facility gives Coalspur access to funding which allows Vista to maintain its development schedule. Construction is expected to commence following regulatory approval, which is expected at approximately the same time as shareholder approval of the funding arrangements.

With the majority of Vista Stage 1 funding secured and the coal marketing and off-take rights retained, Coalspur has preserved Vista's strategic value for shareholders. Coalspur will continue to advance joint venture, marketing and off-take arrangements with interested parties to secure the remaining funding for Vista. These discussions will be given further impetus by the continued development of Vista, the expected satisfaction of further development milestones and the support of EIG, and Coalspur's major shareholder Borrowdale Park.

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