Mon Jan 18, 8:49 AM
By The Canadian Press
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TORONTO - Coalcorp Mining Inc. (TSX:CCJ) says Blue Pacific Assets Corp. has threatened to ask a court to block the proposed sale of the Francia mine and related infrastructure in Colombia.
Coalcorp has previously alleged that Blue Pacific is controlled by certain former directors of Coalcorp. Toronto-based Coalcorp is suing to, among other things, nullify a royalty agreement reached by its former management and Blue Pacific.
Blue Pacific has now given Coalcorp until 5 p.m. ET on Wednesday to pay about $2 million of royalties that are purportedly overdue and to terminate the proposed sale of La Francia for US$150 million to Goldman Sachs.
Coalcorp said Monday that it continues to dispute the validity of the royalty agreement with Blue Pacific and it has no intention of backing out of its proposed transaction with Goldman Sachs.
"Coalcorp continues to believe that the proposed transaction is in the best interest of the Company and its stakeholders," the company said.
It added that it didn't intend to comment further on these matters unless a material development occurs that requires disclosure to the public.
Coalcorp shares closed Friday at 18 cents on the Toronto Stock Exchange.
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