TORONTO, Feb. 11 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announces that the previously announced proposed sale by Coalcorp's subsidiaries of the La Francia mine and related infrastructure assets, including Concession 5160, 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"), received overwhelming approval by the requisite majority of Coalcorp shareholders at a duly constituted special meeting of shareholders held in Toronto on February 11, 2010. Full details of the Proposed Transaction are described in the Management Information Circular mailed to shareholders on January 21, 2010 as well as in the press release issued by the Company on February 3, 2010, both of which have been filed on SEDAR at www.sedar.com.
The Proposed Transaction remains subject to receipt of certain Colombian governmental approvals and third party consents and upon their receipt, is expected to close near the end of February, 2010.
Coalcorp is currently 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