Cobalt Coal Ltd. Announces Reinstatement of Trading and Corporate Update
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Cobalt Coal Ltd. (TSX VENTURE:CCF) ("Cobalt" or the "Corporation") is pleased to provide an update pertaining to the reinstatement of trading of the Corporation's shares, as well as a general corporate update.
Cease Trade Order and Reinstatement of Trading
On November 27, 2012, the Alberta and British Columbia Securities Commission issued full revocations of their respective cease trade orders which were issued in October 2012. The cease trade orders were issued as a result of the Corporation's failure to meet a deadline to file an updated technical report, compliant with National Instrument 43-101, on the Westchester Mine and the Westchester Expansion Lease. The technical report was filed on Sedar on November 15, 2012.
As a result of the aforementioned cease trade order revocations, the Corporation has been advised by TSX Venture Exchange that its common shares, which have been suspended from trading since October 9, 2012, are scheduled for reinstatement of trading at the opening of the market on December 6, 2012.
$100,000 Non Brokered Private Placement of Convertible Debentures
The Corporation advises that it will not be proceeding with the $100,000 non-brokered private placement of convertible debentures previously announced in the Corporation's news release dated October 1, 2012.
Bell and Knox County, Kentucky Acquisitions
The Corporation advises that it will not be proceeding with the property acquisitions in Bell and Knox Counties of Kentucky that were the subject of the Corporation's news release on February 29, 2012. For clarity, these are not the acquisitions located in Virginia that are the subject of the Corporation's news releases of March 8, 2012, July 11, 2012 and November 20, 2012, which the Corporation refers to as the KMH and C&B acquisitions. The Corporation is working towards closing the KMH and C&B acquisitions prior to the revised closing deadline of December 14, 2012.
Electrification of the Westchester Mine
The Corporation is pleased to report that installation of the dedicated power line to the Westchester Mine site is now complete. As a result, the diesel generator that had been supplying mine power has been removed from site and the Corporation is arranging for the installation of the necessary electrical substation equipment such that upon resumption of operations, power will be supplied from the electrical grid resulting in substantial savings in the operating costs of the Westchester Mine.
Cobalt is a publicly traded coal exploration and production company headquartered in Calgary, Alberta, Canada with a regional office in Welch, West Virginia, USA. Cobalt was created to capitalize on the growth opportunities that exist in the metallurgical coal mining industry.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cobalt Coal Ltd.
Cobalt Coal Ltd.
Cobalt Coal Ltd.
President & CEO