TORONTO, Feb. 18 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announces that the previously announced sale by certain subsidiaries of Coalcorp of the La Francia I mine and related infrastructure assets, and all of the issued and outstanding shares of Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of the Goldman Sachs Group, Inc. (the "Proposed Transaction") is now expected to close on February 26, 2010 (the "New Closing Date").
As previously announced, in connection with the Proposed Transaction, Coalcorp made an offer on January 28, 2010 to repurchase its outstanding 12% senior secured notes (the "Offer for Notes"). The Offer for Notes is conditional upon the completion of the Proposed Transaction and expires on the business day immediately prior to the closing date of the Proposed Transaction. At the time the Offer for Notes was announced, the Company anticipated a closing date of February 19, 2010. As a result of the New Closing Date, the Offer for Notes is now expected to expire at 5:00 p.m. (Toronto time) on February 25, 2010, unless the closing date is further extended. The Offer for Notes has been filed and is available on SEDAR at www.sedar.com.
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.
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: Juan Carlos Gomez, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990; SENIOR NOTEHOLDER INFORMATION, Laurel Hill Advisory Group, 1-800-503-9439