EastCoal Inc.: Business Update
02.05.2016 | Accesswire
VANCOUVER, May 2, 2016 - EastCoal Inc. (NEX: ECX.H) ("EastCoal" or the "Company") announces that it has been unable to complete the proposed Maritime Iron transaction as outlined in our earlier announcements which would have been a change of business and as a result, the Company applied to NEX and the TSX-V to lift the halt and they have advised that soon after the dissemination of this news release that they would be issuing a bulletin resuming the trading in the securities of the Company.Though the Company and Maritime Iron continues to explore the possibility of future co-operation and/or investment, no formal arrangement is currently in place between the Companies and there can be no assurance that a transaction will result from these mutual discussions.
The Company also advises that it has extended the loan agreement with its sole secured creditor until May 31, 2016.
The Company wishes to clarify that Deloitte Restructuring Inc., appointed as trustee in the Company's proposal proceedings pursuant to a Notice of Intention filed on November 5, 2013, pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act ("BIA"), was discharged by the Supreme Court of British Columbia on May 21, 2015.
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.
Contacts:
EastCoal Inc.
Damien Forer, CFO
+1 (604) 681 8069