Coalcorp Mining Inc.
TSX VENTURE : CCJ.H

Coalcorp Mining Inc.

September 15, 2010 14:29 ET

Coalcorp Provides Updated Default Status Report

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2010) - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX VENTURE:CCJ.H) is providing its twenty-fifth Default Status Report in accordance with National Policy 12-203: Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On September 16, 2009, the Company announced that it would be delayed in the filing of its annual financial statements and related MD&A for the financial year ended June 30, 2009 (the "Annual Financials") and 2009 Annual Information Form beyond their filing deadlines of September 28, 2009. Coalcorp has since filed its Annual Financials and its 2009 Annual Information Form.

On October 19, 2009, the Ontario Securities Commission (the "OSC") issued a management cease trade order related to the Company's securities against the Chief Executive Officer of the Company with respect to the delayed filing of the Annual Financials and 2009 Annual Information Form. Although the Company is now current with respect its financial statement filing requirements, the management cease trade order will remain in effect for so long as certain of Coalcorp's continuous disclosure materials are not filed. The issuance of such management cease trade order does not affect the ability of persons to trade in their securities of Coalcorp, other than the Chief Executive Officer. However, the OSC, in its discretion, may determine at a later time that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities.

The Company confirms that, except as described herein and in its initial default announcement and its subsequent default status reports: (i) other than the previously announced delisting of the Company's common shares, warrants and debentures from the Toronto Stock Exchange and subsequent listing of the Company's common shares and warrants on NEX, there has been no material change to the information set out in its initial default announcement filed pursuant to NP 12-203; (ii) there has been no failure by the Company in fulfilling its stated intention with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there is no actual or anticipated specified default subsequent to that disclosed in the initial default announcement; and (iv) there is no other additional material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to provide bi-weekly updates, as required by NP 12-203, until the required filings have been made and the Company is no longer in default.

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.

ABOUT COALCORP

The board of directors of Coalcorp are in the process of developing a new business strategy for the Company which will capitalize on the Board's and management's expertise, to invest in projects in the mining, metallurgical and mineral industries. Coalcorp currently holds an investment in Formation Metals Inc. (TSX:FCO). Further information can be obtained under the Company's profile at www.sedar.com.

Neither 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.

Contact Information

  • Coalcorp Mining Inc.
    Steven Cresswell
    Interim Chief Executive Officer
    416-644-1217