On March 11, 2011, Pacific Coal Resources Ltd. (TSXV: PAK, formerly VGR) announced the completion of the reverse takeover transaction of Vega Resources Inc. Prior to the completion of the reverse takeover, Pacific Coal completed a "best efforts" private placement of subscription receipts of Pacific Coal pursuant to which the company issued 149,500,000 subscription receipts for gross proceeds of $201,825,000.
GMP Securities L.P. and Citigroup Global Markets Canada Inc. as co-lead agents, along with Byron Capital Markets Ltd., Canaccord Genuity Corp., and EAS Advisors, LLC (the Riverbank Partners division of Merriman Capital, Inc.) acted as agents in respect of the private placement.
The agents were advised in this transaction by Fasken Martineau with a team that included Georges Dubé, Martin Fisher-Haydis and Michael Shour, with the assistance of students-at-law Keri Bennett, Jennifer Butcher and Christopher Rae.