The companies will buy all of the issued and outstanding common shares of GCC and will pay C$10 ($9.89) a share in cash.

Closing of the transaction is subject to customary conditions including court and regulatory approvals and the approval of GCC shareholders.

GCC holds coal leases covering over 22,000 hectares containing an estimated 346 million tonnes of coal resources in the Smoky River Coalfield, located in west-central Alberta, Canada.

The Grande Cache coal mine, operated by GCC, produces hard coking coal which is a raw material of cokes used in the steel making process.