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WESTMORELAND COAL FILES REGISTRATION STATEMENT WITH SEC FOR CONVERTIBLE PREFERRED STOCK OFFERING

 WESTMORELAND COAL FILES REGISTRATION STATEMENT WITH
 SEC FOR CONVERTIBLE PREFERRED STOCK OFFERING
 PHILADELPHIA, May 13 /PRNewswire/ -- Westmoreland Coal Company (NASDAQ: WMOR), the Philadelphia-headquartered low sulfur coal producer and marketer, announced today that it has filed a registration statement with the Securities and Exchange Commission covering the offering of 2 million depositary shares, 2.3 million shares if the over allotment option is exercised, each representing one-quarter of a share of Series A convertible exchangeable preferred stock.
 Each depositary share will have a proportionate liquidation preference of $25.
 The proceeds from the offering, expected to be approximately $50 million, will be used to repay outstanding borrowings, to repurchase shares of Westmoreland's Common Stock from Penn Virginia Corporation (NASDAQ: PVIR) pursuant to an agreement announced earlier, and for general corporate purposes which may include acquisitions of new coal properties and interests in additional cogeneration projects.
 Merrill Lynch & Co. will act as the underwriter in connection with the offering.
 This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state. The offering of these securities shall only be made by means of prospectus.
 Westmoreland's principal business is the marketing of coal on a worldwide basis. More than half of the coal sold by the company is processed at and shipped from its coal properties and includes both steam coal, sold primarily to electric utilities, and metallurgical coal, sold primarily to the steel industry. The remaining coal sold by Westmoreland is produced by other domestic mining companies, principally smaller producers seeking to use Westmoreland's expertise in the marketing of coal. Westmoreland is also engaged in the business of developing and owning interests in cogeneration and other non-regulated power plants throughout the United States.
 /delval/
 -0- 5/13/92
 /CONTACT: Stephen N. Anderson of Westmoreland Coal, 215-545-2500/
 (WMOR PVIR) CO: Westmoreland Coal Company; Penn Virginia Corporation ST: Pennsylvania IN: MNG SU: OFR


CC-JS -- PH030 -- 9727 05/13/92 13:13 EDT
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Publication:PR Newswire
Date:May 13, 1992
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