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Share Name | Share Symbol | Market | Type |
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TSXV:COE | TSX Venture | Common Stock |
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CanAm Coal Corp. ("CanAm" or the "Company") (TSX VENTURE:COE)(OTCQX:COECF) is pleased to announce that it intends to complete a non-brokered private placement of 12,500,000 units at a price of C$0.08 per unit for gross proceeds of $1 million. Each unit will be comprised of one common share in the share capital of CanAm and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share in the share capital of CanAm at a price of $0.12 for 12 months from the date of the issuance of the units. A finder's fee of up to six percent of the gross proceeds of the private placement may be paid on all or any portion of this private placement. Additionally, finder's warrants exercisable into common shares of CanAm may be issued in the amount of up to eight percent of the number of units sold under this private placement. The finder's warrants will be exercisable into common shares at a price of $0.085 per common share for a period of one year from the date of the issuance of the finder's warrants. Proceeds of the private placement will be used to execute on CanAm's development and acquisition strategy, to repay outstanding debt obligations and for general operating purposes. The completion of the private placement is subject to regulatory approval including approval of the TSX Venture Exchange. It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. About CanAm Coal Corp. CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources. CanAm's main activities and assets include its coal operations in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis. Forward-Looking Information and Statements This news release may contain certain forward-looking information and statements about management's view of future events, expectations, plans and prospects, including the use of proceeds from the private placement and the completion of the private placement. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. FOR FURTHER INFORMATION PLEASE CONTACT: CanAm Corporate Office: Jos De Smedt, President & CEO 403.262.3797 Toll Free: 1.877.262.5888 jdesmedt@canamcoal.com
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