TORONTO, Jan. 14 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announces that its board of directors (the "Board") has called a special meeting of shareholders (the "Special Meeting") to be held in Toronto on February 11, 2010. The record date for determining those shareholders entitled to receive notice of, and vote at, the Special Meeting is January 15, 2010.
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 January 7, 2010, which has been filed on SEDAR.
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. Mr. Belan's resignation follows the expiry of the term of his employment as Interim Chief Executive Officer of Coalcorp. Mr. Belan will remain as a director of Coalcorp and has been appointed as Executive Vice Chairman of Coalcorp to continue his employment with the Company to oversee and assist with the completion of the Proposed Transaction as well as transition matters relating thereto.
Juan Carlos Gomez, the Company's current General Counsel and Secretary has been appointed as new Interim Chief Executive Officer to manage the Colombian operations and the business of Coalcorp during the period up to the completion of the Proposed Transaction and transition matters relating thereto.
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 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