TORONTO,
March 25, 2013 /CNW/ - Pacific Coal
Resources Ltd. (TSXV: PAK) is pleased to announce the consolidation
of its issued and outstanding common shares on a one-for-seven
basis as authorized by its shareholders at the Company's special
meeting of shareholders held on March 11,
2013. The consolidation is being effected to reduce
volatility in the stock and to make it more attractive to
institutional investors.
The Company will also be consolidating its
issued and outstanding warrants on a one-for-seven basis, with the
result that each consolidated warrant will now entitle the holder
to acquire one common share in the capital of the Company at an
exercise price equal to seven times its original exercise price, or
$14.70. The warrants of the Company
were delisted from the TSX Venture Exchange effective as of close
of market on March 19, 2013.
Commencing at opening of trading on Monday, March 25, 2013, the common shares in the
capital of the Company began trading on a post-consolidation basis
on the TSX Venture Exchange.
The following table summarizes the Company's
capital structure following the consolidation of its common shares
and warrants (all dollar amounts expressed in Canadian
dollars):
Table 1 - Pacific Coal Resources Ltd. capital
structure (post-consolidation)
Common Shares |
46,018,108 (TSX-V: PAK) |
Stock Options |
- 3,130,714 stock options vested and exercisable at $9.45 per
share expiring on March 10, 2016
- 28,571 stock options vested and exercisable at $9.45 per share
expiring on May 11, 2016
- 45,714 stock options vested and exercisable at $4.69 per share
expiring on October 24, 2016
- 575,000 stock options vested and exercisable at $0.77 per share
expiring on October 30, 2017
- 71,429 stock options vested and exercisable at $1.75 per share
expiring on January 22, 2018
|
Warrants |
- 42,857 unlisted common share purchase warrants. Each
warrant entitles the holder to purchase one common share at $2.31
per warrant until July 12, 2015.
- 10,678,568 listed common share purchase warrants (TSX-V:
PAK.WT). Each warrant entitles the holder to purchase one
common share at $14.70 per warrant until March 14, 2016.
|
No fractional shares or warrants will be issued
if, as a result of the consolidation, a registered shareholder
would otherwise become entitled to a fractional common share or
warrant by virtue of holding common shares or warrants that are not
in a multiple of seven. Any fractional shares resulting from
the consolidation will be converted by the Company into whole
shares on the basis that each fractional share that is less than
half of a share will be cancelled and each fractional share that is
at least half of a share or warrant will be changed to one whole
common share. All entitlements to fractional consolidated warrants
will be rounded down to the next whole number of consolidated
warrants.
Notice and Access
The Company will be taking advantage of the new
Notice-and-Access rules to further its cost cutting efforts by
reducing printing and mailing costs. Notice-and-Access permits
annual financial statements, management's discussion and analysis
and meeting circulars to be posted on public companies' websites
instead of being mailed to shareholders.
In accordance with the rules, the Company has
filed a first time notice of use of Notice-and-Access, which is
available on the Company's profile at www.sedar.com. The Company
will post on its website the meeting circular, annual financial
statements and management's discussion and analysis in respect of
its upcoming annual general meeting to be held on May 30, 2013.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a
Canadian-based mining company engaged in the acquisition,
exploration and production of coal and coal-related assets from
properties located in Colombia.
The Company's common shares and warrants are listed on the TSX
Venture Exchange and trade under the symbol "PAK" and "PAK.WT"
respectively.
Forward Looking Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or believes" or
variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release and Pacific Coal disclaim, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither 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
news release.
SOURCE Pacific Coal Resources Ltd.