Companies · Coal Mining

Forbes & Manhattan Coal Corp.

TORONTO · Coal Mining

Diligence memoA one-page analyst read on Forbes & Manhattan Coal Corp. — recommendation, valuation, rhythm, risks.
$22.6M
Total raised · real
2
Rounds
1.1×
Latest step-up
Top 26%
Sector rank · raised
Series A
Latest stage · inferred · Tue Feb 22 2011 00:00:00 GMT+0000 (Coordinated Universal Time)

Forbes & Manhattan Coal Corp. looks fair against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.00× the median modeled value of Series A Coal Mining companies in 2010–2012 (7 peers) — value vs value, same stage and era.
  • Within the normal band (100% of peer median) for its niche.
Dormant
  • Last raise 15.4 yr ago; this sector typically re-raises about every 11 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Coal Mining

Forbes & Manhattan Coal Corp. is one of 76 Coal Mining companies tracked from TORONTO. By capital raised it ranks in the upper tier (ahead of 75% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MSeries A · 2010-07-20 Raised $11M (real) Modeled valuation $41M (est)$11M$41MSeries A2010Series A · 2011-02-22 Raised $12M (real) Modeled valuation $45M (est)$12M$45MSeries A2011+$12MCumulative $23M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$10.7M · 2010
Series A extension$11.8M · 2011

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$44.6M
Base estimate est.
$15.3M
Conservative case
$242.5M
Upside case
$53.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.

Series A · modeled $40.5M · 2010-07-202010Series A · modeled $44.6M · 2011-02-222011
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.08×/yr
Annual markup
1.36×/yr upside case
6.0 yr
Elapsed time used
15.4 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$38.0M/yr
Capital velocity
16.0 yr
On record since
2010
First round
2
Rounds on file
How it compares to the market

Benchmarked against 76 companies in Coal Mining. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 3.0× above median
This company$22.6M
Sector median$7.5M
Latest round — vs other Series A rounds in sector (real $, this stage) 1.5× above median
This company$11.8M
Sector median$7.9M
Modeled value — vs sector median (estimate, all stages) 2.7× above median
This company$44.6M
Sector median$16.5M

Raised more than 75% of sector peers (real $). Modeled value above 70% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #4 of 7.

This companyCohort peer
$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)U.S. China Mining Group, Inc. · Series A Raised $15.0M · modeled $56.5M (est)America West Resources, Inc. · Series A Raised $19.4M · modeled $54.9M (est)Kangaroo Resources Ltd · Series A Raised $14.0M · modeled $52.8M (est)Coalspur Mines Ltd · Series A Raised $11.8M · modeled $44.4M (est)Unity Power Plc · Series A Raised $8.0M · modeled $30.2M (est)CanAm Coal Corp. · Series A Raised $9.0M · modeled $22.6M (est)Forbes & Manhattan Coal Corp. (this company) Raised $22.6M · modeled $44.6M (est)Forbes & Manhattan Coal Corp.
CompanyStageRaised · realValue · estvs peer med.
U.S. China Mining Group, Inc.Series A$15.0M$56.5M1.27×
America West Resources, Inc.Series A$19.4M$54.9M1.23×
Kangaroo Resources LtdSeries A$14.0M$52.8M1.18×
Forbes & Manhattan Coal Corp. this companySeries A$22.6M$44.6M1.00×
Coalspur Mines LtdSeries A$11.8M$44.4M1.00×
Unity Power PlcSeries A$8.0M$30.2M0.68×
CanAm Coal Corp.Series A$9.0M$22.6M0.51×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$10.7M2010-07-20$48.8M$40.5M90%
Series A$11.8M2011-02-22$53.8M$44.6M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$10.7M2010-07-20
    • First recorded raise — entered as Series A.
  2. Series A$11.8M2011-02-22
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
Intelligence
2011 ~Q3
Modeled next raise · ~7mo cadence
$13.0M
Modeled next size est.range $11.8M$20.9M
1.1×
Last step-up
$38.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
David Stein14 other2010-07
Stan Bharti13 other2010-07
Deborah Battiston5 other2010-07
David Gower4 other2011-02
Jennifer Wagner4 other2011-02
RYAN BENNETT3 other2011-02
Stephan Theron3 other2010-07
Anthony Wonnacott1 other2010-07
Grant Davey2010-07
Johan Louw2011-02
Registry & provenance

Forbes & Manhattan Coal Corp. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1497677
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Brazil Potash Corp.OtherSeries B$29.0M$125.4Mnetwork4 shared operators
Castillian Resources CorpCoal MiningSeed$1.0M$4.7Mnetwork3 shared operators · same sector
America West Resources, Inc.Coal MiningSeries A$19.4M$54.9Msame sector · same stage
Rodinia Lithium Inc.OtherPre-Seed$235K$5.4Mnetwork3 shared operators
Quinwood Coal Company, LLCCoal MiningSeries A$15.8M$24.2Msame sector · same stage
Jrl Energy, Inc.Coal MiningSeries A$15.2M$6.2Msame sector · same stage
U.S. China Mining Group, Inc.Coal MiningSeries A$15.0M$56.5Msame sector · same stage
Kangaroo Resources LtdCoal MiningSeries A$14.0M$52.8Msame sector · same stage
Frequently asked
How much funding has Forbes & Manhattan Coal Corp. raised?
Forbes & Manhattan Coal Corp. has raised approximately $22.6M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Forbes & Manhattan Coal Corp.'s estimated valuation?
Provath's modeled valuation for Forbes & Manhattan Coal Corp. is approximately $44.6M (modeled range $15.3M–$242.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Forbes & Manhattan Coal Corp. at?
Forbes & Manhattan Coal Corp.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Tue Feb 22.
What does Forbes & Manhattan Coal Corp. do and where is it based?
Forbes & Manhattan Coal Corp. operates in the Coal Mining sector, based in TORONTO.
Explore related

See where Forbes & Manhattan Coal Corp. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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