CALGARY, ALBERTA--(Marketwire - Aug. 1, 2012) - CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") is pleased to announce the appointment of Steve Somerville to its Board of Directors. Mr. Somerville will commence duties immediately.
Mr. Somerville is a highly experienced corporate finance executive with key strengths in mergers and acquisitions, debt and equity strategies, structured finance, corporate restructuring, risk management and investment strategies. Mr. Somerville is currently President of CCM Capital Corporation, a privately held Investment holding company. Prior to establishing CCM Capital Corporation in 2012, Steve was President, BMO Capital Corporation, a leading provider of junior capital, including subordinated debt, mezzanine financing and equity capital to mid-market companies across Canada. Additionally, Mr. Somerville was responsible for the leadership of Bank of Montreal's Canadian Mid-Market Mergers and Acquisitions business and the Bank's Limited Partner investments in third party Canadian Private Equity Funds. Mr. Somerville was also a member of the Bank's Corporate Finance Leadership from 2001 to 2012. Prior to joining the Bank of Montreal, Steve worked 11 years with CIBC in a variety of roles. Steve is an experienced director having served on a number of Canadian boards as BMO's nominee.
Commenting on the appointment, Jon Legg, Chairman of CanAm's Board of Directors noted: "The appointment of Steve Somerville to the Board of Directors is a significant step for CanAm Coal. Steve's background, reputation and experience in Mid-Market corporate finance are exceptional and particularly relevant given the Company's overall growth strategy of becoming an intermediate coal producer in the next 3 to 5 years. Steve will be an invaluable member of our team moving forward, as we execute on our business strategy."
Mr. Somerville has been issued 400,000 stock options with an exercise price of $0.135. The options, issued in accordance with CanAm's stock option plan, are valid for 10 years and vest as to 1/6th of the options issued at the end of each successive three month period from the date of issuance such that the options are fully vested 18 months from the date of issuance. The Company has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the options to directors, officers and employees of the Company (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines 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.
This news release may contain certain forward-looking information. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.