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Pacific American Coal Non-Executive Director Steps Down

Pacific American Coal's (ASX:PAK) non-executive director Rick Anthon has stepped down from his position to pursue other resource project interests.

He joined the company (then known as Metals Finance) in October 2009 and also serves on the boards of several ASX-listed companies.

"With over 30 years' experience as a practicing lawyer specialising in corporate and commercial law, Rick has made a significant contribution to Pacific American Coal developing its North American metallurgical coal assets," chairman Geoff Hill said.

Shares in the company were reinstated on the ASX on 16th February 2015 after complying with Chapters 1 and 2 of the ASX Listing Rules.

Earlier in the month the Pacific American successfully closed its re-opened share offer, raising $3.8 million and meeting the Australian Securities Exchange's minimum spread requirements for re-listing.

The funds will be used to acquire a 30% stake in Georges Colliers Inc, the owner and operator of the P8 Mine in Oklahoma, which is already cash flow positive with an existing contract with a local power station.

This would allow it to benefit from the strong domestic U.S. economy and improved demand for metallurgical coal in 2015.

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