TORONTO, May 19 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announces that it will be delayed in the filing of its third quarter interim financial statements and related management discussion and analysis (MD&A) for the three and nine month periods ended March 31, 2010 (the "Q3 Financials") beyond the filing deadline of May 15, 2010. The Company is in the process of completing the Q3 Financials and expects to release those as soon as is practicable.
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 2009 Annual Information Form and related officer's certifications. The Company filed its 2009 Annual Information Form on April 30, 2010 however remained delayed in filing the related officer's certifications. The management cease trade order will remain in effect for so long as those officer's certifications and the Q3 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.
The board of directors of Coalcorp are in the process of developing a new business strategy for the Company which will capitalize on the Board's and management's expertise, to invest in projects in the mining, metallurgical and mineral industries. Coalcorp currently holds an investment in Formation Metals Inc. (TSX-FCO). Further information can be obtained under the Company's profile at www.sedar.com.
Forward Looking Statements Disclaimer
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.
SOURCE Coalcorp Mining Inc.
For further information: For further information: Steven Cresswell, Interim Chief Executive Officer, (416) 644-1217