Coalcorp receives motion seeking an injunction to prevent the proposed
transaction
Blue Pacific is a corporation which the Company alleges is controlled by certain former directors and officers of Coalcorp that are defendants in the Coalcorp Statement of Claim (as defined below) and with whom the Company has a letter agreement dated
As previously announced on
Coalcorp disputes the validity of the Royalty Agreement and takes the position that it is not an enforceable agreement. Coalcorp believes that the Blue Pacific Statement of Claim is without merit and is an additional attempt by Blue Pacific and Coalcorp's former directors and officers to prevent Coalcorp from pursuing the Coalcorp Statement of Claim.
Coalcorp continues to believe that the Proposed Transaction is in the best interest of the Company and its stakeholders. Coalcorp is confident in its position and will vigorously defend the Statement of Claim and Notice of Motion. Coalcorp does not intend to comment further on these matters unless a material development occurs which requires disclosure.
If shareholders of Coalcorp have any questions or require further information regarding the voting of shares with respect to the Proposed Transaction, please contact
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, including, without limitation, statements concerning the merits and possible outcome of pending litigation. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Coalcorp's expectations include the risk and uncertainties involved in the litigation process, such as the possible discovery of new evidence or acceptance of unanticipated or novel legal theories, changes in interpretations of the law due to decisions in other cases, the inherent difficulty in predicting the decisions of judges and juries and the possibility of appeals, and other risk and uncertainties. Coalcorp cannot determine the outcome of the litigation described in this news release or the impact such litigation will have on the Proposed Transaction.
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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