TORONTO, ONTARIO--(Marketwired - June 7, 2013) - Salida Capital International Limited ("Salida") announced that it, on behalf of certain funds it manages and advises (the "Funds"), participated in a brokered private placement of common shares ("Common Shares") of EastCoal Inc. ("EastCoal") today and acquired an aggregate of 95,000,000 Common Shares at a price of C$0.02 per share (the "Acquisition").
Prior to the Acquisition, Salida, on behalf of the Funds, exercised control and direction over an aggregate of 38,573,065 Common Shares and 3,529,000 common share purchase warrants ("Warrants") of EastCoal (each whole Warrant entitling the holder to purchase one Common Share at a price of C$0.55 until May 31, 2015).
As a result of the Acquisition, the Funds beneficially owned, and Salida exercised control and direction over, an aggregate of 133,573,065 Common Shares and 3,529,000 Warrants, representing approximately 19.63% of the Issuer's 694,948,493 outstanding Common Shares, calculated on a partially diluted basis.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.
For additional information, or for a copy of the early warning report filed in respect of the above transactions, please contact Daniel Guy at 441-293-0960.
Contact Information:
Daniel Guy
441-293-0960