/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, June 3, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is
pleased to announce closing of the previously announced private
placement of units (the "Offering"). A total of 3,706,182 units have
been issued to Pacific Power Generation Corp., a company existing under
the laws of the Republic of Panama and the sole subscriber under the
Offering, at a price of C$1.10 per unit for aggregate proceeds of
Each unit consists of one common share of Pacific Coal and one common
share purchase warrant of Pacific Coal. Each warrant entitles the
holder to purchase one common share of Pacific Coal at an exercise
price of C$1.10 until May 31, 2018.
The common shares and warrants issued pursuant to the Offering are
subject to a four month hold period, expiring on October 1, 2013. After
closing of the Offering, Pacific Coal will have at total of 49,724,290
common shares issued and outstanding.
The Company is also pleased to announce that it has retained the
financial advisory firm of LW Securities to explore alternatives to
consolidate the Company's bank debt and reduce amounts owed to
Masering, including a potential bond offering.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company engaged
in the acquisition, exploration and production of coal and coal-related
assets from properties located in Colombia. The Company's common shares
are listed on the TSX Venture Exchange and trade under the symbol
Forward Looking Information:
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
believes" or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
Pacific Coal disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE: Pacific Coal Resources Ltd.
For further information:
Deputy General Counsel and Secretary