TORONTO, Sept. 4, 2012 /CNW/ - Cormark Securities Inc. (the "Offeror")
acquired 20,000,000 common shares (each, a "Share") and 10,000,000
warrants (each, a "Warrant) of the issuer, Royal Coal Corp. (the
"Issuer"). Collectively, with broker warrants already held by Cormark
(the "Broker Warrants"), this represents approximately 14.65% of the
issued and outstanding Shares, assuming exercise of the Offeror's
Warrants and Broker Warrants.
The Offeror acquired the Shares and Warrants that are the subject of
this press release pursuant to a partial revocation by the Ontario
Securities Commission of a cease-trade order against the Issuer, solely
for the purpose of crystallizing the tax losses of certain of the
Offeror's clients. However, the Offeror may, depending on various
factors including, without limitation, market and/or other conditions,
increase or decrease its ownership, control or direction over Shares.
In this press release, for the purpose of calculating the percentage of
securities owned, the Offeror has assumed that there are 241,740,671
Shares outstanding as of August 9, 2012, as reported by the Issuer.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting
Issues, which also requires a report to be filed with regulatory authorities
in each of the jurisdictions in which the Issuer is a reporting issuer
containing information with respect to the foregoing matters (the
"Early Warning Report"). A copy of the Early Warning Report will appear
with the Issuer's documents on the System for Electronic Document
Analysis and Retrieval and may also be obtained by contacting Jeff
Kennedy at (416) 943-6401.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the accuracy or adequacy of this press release.
SOURCE: Cormark Securities Inc.
For further information:
Jeff Kennedy at (416) 943-6401