Coalcorp Provides Updated Default Status Report
TORONTO, Dec. 23 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its seventh Default Status Report in
accordance with National Policy 12-203: Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). On September 16, 2009, the Company
announced that it would be delayed in the filing of its annual financial
statements and related MD&A for the financial year ended June 30, 2009 (the
"Annual Financials") and 2009 Annual Information Form beyond their filing
deadlines of September 28, 2009.
On December 16, 2009, Coalcorp announced that it filed its Annual
Financials, however remained delayed in the filing of its 2009 Annual
Information Form. The Company also announced on that date that it was delayed
in the filing of its first quarter interim financial statements, CEO and CFO
certifications and related management discussion and analysis (MD&A) for the
three month period ended September 30, 2009 (the "First Quarter Interim
Financials") beyond the filing deadline of November 16, 2009.
On October 19, 2009, the Ontario Securities Commission (the "OSC") issued
a management cease trade order related to the Company's securities against
the Chief Executive Officer of the Company with respect to the delayed filing
of the Annual Financials and 2009 Annual Information Form. The management
cease trade order will remain in effect for so long as the 2009 Annual
Information Form and First Quarter Interim Financials are not filed. The
issuance of such management cease trade order does not affect the ability of
persons to trade in their securities of Coalcorp, other than the Chief
Executive Officer. However, the OSC, in its discretion, may determine at a
later time that it would be appropriate to issue a general issuer cease trade
order affecting all of the Company's securities.
Update Matters
--------------
The Company reports the below matters which are material changes to the
information contained in the sixth default status report issued by the
Company on December 10, 2009.
The Company held its 2009 annual general meeting of shareholders on
December 21, 2009 (the "AGM"). At the AGM, (i) the Annual Financials were
presented to shareholders, (ii) all of the existing directors of Coalcorp,
being Richard Lister, Chairman, Bruce Barraclough, Joseph Belan, Jan Castro
and Charles Entrekin were re-elected as directors, to hold office until the
next annual general meeting of shareholders, or until their successors are
appointed or elected, and (iii) the Company's auditor, Deloitte & Touche LLP
were re-appointed as auditors of Coalcorp, to hold office until the next
annual general meeting of shareholders or until its successor is duly
appointed.
The Company confirms that, except as described herein and in its initial
default announcement and its subsequent default status reports: (i) there has
been no material change to the information set out in its initial default
announcement filed pursuant to NP 12-203; (ii) there has been no failure by
the Company in fulfilling its stated intention with respect to satisfying the
provisions of the alternative information guidelines set out in NP 12-203;
(iii) there is no actual or anticipated specified default subsequent to that
disclosed in the initial default announcement; and (iv) there is no other
additional material information concerning the affairs of the Company that
has not been generally disclosed.
The Company will continue to provide bi-weekly updates, as required by NP
12-203, until the required filings have been made and the Company is no
longer in default.
Coalcorp is a coal mining, exploration and development company with
interests in the La Francia coal mine and related infrastructure projects and
a number of coal exploration properties, all located in Colombia. Coalcorp
also holds a 60% equity interest in Carbones Colombianos del Cerrejon which
owns the La Caypa coal mine in Colombia. Further information can be obtained
by visiting our website at www.coalcorp.ca or under the Company's profile at
www.sedar.com.
Statements made in this news release may be forward-looking and therefore
subject to various risks and uncertainties. Certain material factors or
assumptions are applied in making forward-looking statements and actual
results may differ materially from those expressed or implied in such
statements. Coalcorp does not undertake to update any forward-looking
statements; such statements speak only as of the date made.
For further information: Joseph Belan, Interim Chief Executive Officer, +57 -
1 - 658 - 5050 Ext: 9990
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