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Puda Coal, Inc. Closes 2,855,652 Share Public Offering; Underwriters Exercise Over-Allotment Option

Tuesday, February 23rd, 2010

Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China, today announced the closing of its 2,855,652 share public offering and the exercise of the full allotment option by the underwriters to purchase an additional 428,348 shares of the Company’s common stock, bringing the total shares offered to 3,284,000. The offering was priced at $4.75 on February 12, 2010. Including the over-allotment, the Company expects to receive net proceeds, after underwriting discounts, commissions, and expenses, of approximately $14,538, 100 million from the offering.

Brean Murray, Carret & Co., LLC served as lead manager and sole book-running manager and Newbridge Securities acted as co-manager for the offering.
Copies of the final prospectus relating to the offering may be obtained, when available, from Brean Murray, Carret & Co., LLC, Attention: Minnie Huang, 570 Lexington Avenue, New York, NY 10022, by telephone at (212) 702-6667, or via email at minnie.huang@bmur.com or from the offices of Newbridge Securities Corporation at 7600 Jericho Turnpike, Suite 202 Woodbury, NY 11797.

Puda Coal, through its subsidiaries, supplies premium high grade metallurgical coking coal used to produce coke for steel manufacturing in China. The Company currently possesses 3.5 million metric tons of annual coking coal capacity. The Company has recently moved upstream into coal mining. In May 2009, the Company entered into an equity transfer agreement to acquire 18% of Jianhe Coal. In September 2009, the Shanxi government approved the Company’s plan to consolidate eight coal mines in Pinglu County, Shanxi Province. Shanxi Province provides 20 – 25% of China’s coal output and supplies nearly 50% of China’s coke. For more information, please visit www.pudacoalinc.com

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