EastCoal Inc Filing of Notice of Intention (6348S)
2013年11月11日 - 4:01PM
RNSを含む英国規制内ニュース (英語)
TIDMECX
RNS Number : 6348S
EastCoal Inc
11 November 2013
EastCoal Inc. Files a Notice of Intention to Make a Proposal
under the Bankruptcy and Insolvency Act (Canada) and Resumption of
Trading on TSX Venture Exchange and AIM
Vancouver, British Columbia - EastCoal Inc. (TSX VENTURE
EXCHANGE: ECX, AIM: ECX) ("the Company" or "EastCoal") announces
that on November, 5 2013 it filed a Notice of Intention to Make a
Proposal ("Notice of Intention") pursuant to the provisions of Part
III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice, Deloitte Restructuring Inc. ("Deloitte")
has been appointed as the trustee in the Company's proposal
proceedings and will assist the Company in its restructuring
efforts.
This filing follows the Company's strategic review of its
options caused by the lack of financing as previously announced on
October 21, 2013 and the subsequent halt of trading in the
Company's shares on the TSX Venture Exchange and the suspension of
trading in the Company's shares on AIM.
The filing of the Notice has the effect of imposing an automatic
30-day stay of proceedings that will protect the Company and its
assets from the claims of creditors while the Company pursues its
restructuring efforts. This 30-day period may be renewed with the
authorization of the Supreme Court of British Columbia.
The Company is actively seeking further sources of funding
although there can be no guarantee that the Company will be
successful in securing further financing or achieving its
restructuring objectives. Failure by the Company to achieve its
financing and restructuring goals will likely result in the Company
becoming bankrupt.
As previously announced, the Company currently has three
remaining directors on the board being Abraham Jonker, John Byrne
and John Conlon.
The Company will provide further updates as to the next steps of
the process when these have been determined.
Subsequent to the dissemination of this announcement, trading is
expected to resume on both the TSX Venture Exchange and AIM at the
open of trading on Monday, November 11, 2013.
About EastCoal Inc.
EastCoal Inc. owns the Verticalnaya anthracite mine through its
100% owned subsidiary East Coal Company.
Forward-Looking Statements: This news release contains
discussion of items that may constitute forward-looking statements
within the meaning of securities laws that involve risks and
uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ materially from expectations include the effects
of general economic conditions, actions by government authorities,
uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products
and competitive pressures. These factors and others are more fully
discussed in Company filings with Canadian securities regulatory
authorities.
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.
For more information please contact:
EastCoal Inc.
Abraham Jonker, President and Acting CFO
+1 (604) 973 0079 / +1 (604) 992 5600 (Cell)
www.eastcoal.ca
Cenkos Securities plc
Ken Fleming
+44 (0) 207 397 8900
Alan Stewart/Derrick Lee
+44 (0) 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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