Coalcorp announces special meeting of shareholders and related management
changes
At the Special Meeting, shareholders will be asked to consider and vote upon a resolution to approve the previously announced proposed sale by Coalcorp, through certain of its subsidiaries, of the La Francia I mine and related infrastructure assets as well as 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"). The Proposed Transaction was announced by the Company in a press release issued on
The completion of the Proposed Transaction is subject to approval by a special resolution of shareholders at the Special Meeting. Formal notice of the Special Meeting and a management information circular (the "Circular") will be filed and delivered to the Company's shareholders in the following week. The Circular will set forth, among other things, information about: (i) the Special Meeting, (ii) the recommendation by the Special Committee of independent directors in favour of the Proposed Transaction and the unanimous approval by the Board, (iii) the background to the Proposed Transaction and the strategic alternatives review process that led to it, and, (iv) summaries of certain of the key terms of the purchase agreements in respect of the Proposed Transaction.
Coalcorp also announces that the Board has accepted the resignations of John Malysa, Chief Operating Officer, and Joseph Belan, Interim Chief Executive Officer, from their respective positions with the Company, effective immediately.
About Coalcorp --------------
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
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.
For further information: Juan Carlos Gomez, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990
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