09:41 AM EST - Phoenix Coal Inc. : announced the sale of its surface mining operations to Oxford Mining Company LLC, a privately-owned coal producer based in Ohio, closed on September 30, 2009. After the transaction, as of September 30, 2009, Phoenix said it will have a cash balance of about $22.4 million. An additional $3.3 million that has been escrowed due to certain provisions in the transaction agreement is scheduled to be released over the next 18 months, the company stated. Phoenix Coal Inc.
shares T.PHC are trading even at $0.22.
