VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 6, 2017) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Corporation" or "Colonial Coal") is pleased to confirm, further to its news release of February 6, 2017, that the Corporation has now completed the balance of its non-brokered private placement (the "Private Placement") pursuant to which the Corporation has now issued an aggregate of 51,952,661 units (each, a "Unit") of the Corporation, at a subscription price of $0.15 per Unit, raising aggregate gross proceeds to the Corporation of $7,792,900.
Additional information respecting the Private Placement is provided in the Corporation's most news release of February 6, 2017.
Colonial Coal also announces that it is not proceeding with at this time its previously announced (May 2, 2016) sale of a 10% interest in the Corporation's Flatbed Property and related unit private placement.
About Colonial Coal International Corp.
Colonial Coal is a publicly traded coal corporation in British Columbia that focuses primarily on coking coal projects. The northeast Coal Block of British Columbia, within which our Corporation's projects are located, hosts a number of proven deposits and has been the subject of M&A activities by Xstrata, Walter Energy, Anglo-American and others.
Additional information can be found on the Corporation's website www.ccoal.ca or by viewing the Corporation's filings at www.sedar.com.
Information set forth in this news release involves forward-looking statements, including statements relating to the Corporation's potential sale of an interest in its Flatbed Property. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a Corporation's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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 news release.