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Grande Cache Coal Corporation announces $22.1 million bought deal financing

Friday, July 20th, 2007

Grande Cache Coal Corporation is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Capital Corporation and including Bolder Investment Partners Ltd. and Salman Partners Inc., pursuant to which the underwriters have agreed to purchase 17,000,000 units (the “Units”) of the Corporation on a bought deal basis, at a price of $1.30 per Unit for gross proceeds to Grande Cache Coal of $22.1 million. In addition, the Corporation has granted to the underwriters an over-allotment option to purchase up to an additional 2,550,000 Units at the issue price for a period of 30 days following the closing date. Each Unit will consist of one common share and one-half of one common share purchase warrant, each whole warrant entitling the holder thereof to acquire one common share at a price of $1.60 per share for a period of one year from the closing date. The Units will be offered in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario by way of a short form prospectus. The offering is scheduled to close on or about August 9, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.
The net proceeds of the offering will be used by the Corporation to fund its ongoing exploration and development activities, capital projects and for general working capital purposes.

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