7027940 Canada Limited clarifies expiration date of offer for shares of PBS Coals Limited (formerly, Penfold Capital Acquisition Corporation)

    MOSCOW and TORONTO, Oct. 17 /CNW/ - 7027940 Canada Limited (the
"Offeror") clarified today that the offer (the "Offer") to purchase all
outstanding shares of PBS Coals Limited (formerly, Penfold Capital Acquisition
Corporation) (TSX: PBS), at an offer price of C$8.30 cash per share, is open
until 11:59 p.m. (Toronto time) on October 24, 2008.
    On October 10, 2008, OAO Severstal announced that the Offeror was
extending the expiration date for the Offer until 11:59 p.m. (Toronto time) on
October 20, 2008. However, due to the Canadian Thanksgiving long-weekend, the
mailing of the Notice of Extension to shareholders of PBS Coals Limited did
not occur until October 14, 2008. In accordance with applicable Canadian
securities laws, any extension of an Offer must remain open for a minimum
period of 10 days from the date it is mailed to shareholders. Accordingly, the
expiry time of the Offer is 11:59 p.m. (Toronto time) on October 24, 2008.

    Forward Looking Statements:

    This communication may contain projections and other forward-looking
statements regarding future events or the future financial performance of the
Offeror. Forward looking statements are identified by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could," "may" or
"might", the negative of such terms, or other similar expressions. The Offeror
wishes to caution you that these statements are only predictions and that
actual events or results may differ materially. The Offeror does not intend to
update these statements to reflect events and circumstances occurring after
the date hereof or to reflect the occurrence of unanticipated events. Factors
that could cause the actual results to differ materially from those contained
in projections or forward-looking statements of the Offeror may include, among
others, general economic conditions in the markets in which the Offeror
operates, the competitive environment in, and risks associated with operating
in, such markets, market change in the steel and mining industries, as well as
many other risks affecting the Offeror and its operations.

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