VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 29, 2013) - EastCoal Inc. (TSX VENTURE:ECX) (ECX.L) (the "Company" or "EastCoal") is pleased to announce the results of its recently held annual general and special meeting of the shareholders (the "Meeting") on July 26, 2013.
At the Meeting, the shareholders re-elected the board of directors, Abraham Jonker, John Byrne, John Conlon, Gregory Cameron and Frank Moxon and also approved the re-appointment of PricewaterhouseCoopers LLP as the Company's auditors.
All of the resolutions (including the special resolutions as discussed below) that shareholders were asked to consider at the Meeting were approved by shareholders at the Meeting.
In respect to the special resolutions, shareholders voted in favour to approve the proposed consolidation (the "Consolidation") of the Company's issued and outstanding common shares at a ratio of up to twenty (20) to one (1) and give the board of directors of the Company (the "Board") the authority to fix the final ratio of pre-consolidation to post-consolidation common shares to be used in the Consolidation (the "Final Consolidation Ratio"). The Final Consolidation Ratio will not exceed twenty (20) to one (1). Details of the Final Consolidation Ratio and the expected trading dates for the newly consolidated shares are expected to be announced shortly.
Any fractional common shares arising from the Consolidation will be rounded down or up to nearest whole common share, with 0.5 of a common share being rounded up.
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.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, EastCoal assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.