Canada Coal Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 9, 2015) - Canada Coal Inc. (the "Company" or "Canada Coal"), (TSX VENTURE:CCK) announced on November 21, 2014 that it had entered into a non-binding letter of intent with Suntricity Corporation ("Suntricity") in respect of a transaction pursuant to which Suntricity and its shareholders would complete a business combination with Canada Coal (the "Transaction"). The Transaction, if completed, would have constituted a reverse takeover of Canada Coal by Suntricity pursuant to TSX Venture Exchange ("TSX-V") Policy 5.2- Change of Business and Reverse Takeover. The completion of the Transaction was subject to a number of conditions including the completion by Suntricity of a minimum private placement of US$5.0 million. The minimum funding condition has not been satisfied to-date and accordingly, the Company will not be proceeding with the Transaction.
The Company will continue to search for other opportunities and projects that may increase shareholder value.
The Company is pleased to welcome Ian Smith to the Board of Canada Coal. Mr. Smith is an experienced mining engineer with over 45 years of experience in corporate operations, project management, and consulting internationally. Mr. Smith was President and founding partner of MRDI, a successful mining consultancy company that was ultimately purchased in 1995. Mr. Smith has completed strategic planning and engineering studies on large scale mining projects around the world and has an extensive network in the industry.
The Company also announces that Michael England has resigned as a director of the Company. Canada Coal's management and Board of Directors wish to thank Mr. England for his contributions to the Company.
On behalf of the Board of Directors
R. Bruce Duncan, Executive Chairman & Director
The TSX Venture Exchange has in no way passed upon the merits of the Transaction and neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.