Coalcorp Obtains Approval for Share Compensation Agreement
TORONTO, ONTARIO -- (Marketwire) -- 05/06/11 -- Coalcorp Mining Inc. (TSX VENTURE: CCJ) ('Coalcorp') announces that the TSX Venture Exchange ('TSXV') has approved the issuance of shares of Coalcorp ('Shares') in accordance with the terms of a share compensation agreement (the 'Agreement') entered into with Coalcorp's Chief Executive Officer, Mr. Richard Lister.
Pursuant to the Agreement, Mr. Lister's base salary will be paid in the form of Shares. The number of Shares issuable each month will be calculated based on the volume weighted average trading price of the Shares on the TSXV for the five trading days immediately preceding the applicable payment date. The aggregate number of Shares issued or issuable pursuant to the Agreement in any year will not exceed 1% of the issued and outstanding Shares from time to time. The Shares will be subject to a hold period of four months in accordance with the policies of the TSXV.
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:
Coalcorp Mining Inc.
Steven Cresswell
Chief Financial Officer
416-644-1217