VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - EastCoal Inc. (TSX VENTURE:ECX)(ECX.L) ("EastCoal" or the "Company") provides clarity on its suspension of trading and announces changes to its Board and management team.
Suspension of trading:
The Board of Directors of the Company (the "Board") has for some time been pursuing various refinancing opportunities. Active discussions still continue with a number of potential funders with a view to resolving the Company's working capital position. Given the complexity of certain operational and funding challenges facing the Company and its subsidiaries which renders its financial position presently unclear, the Board has today requested a temporary suspension of trading in its shares on AIM and the TSX Ventures Exchange while it clarifies the position. The Company expects to make a further announcement and trading statement as soon as practicable.
Board and management changes:
Mr. Colin Stocks has retired from the Board with immediate effect. Mr. Stocks was appointed to the Board in 2009 and has served as EastCoal's Chief Technical Officer since 2009. The Board wishes to thank Mr. Stocks for all his hard work and his dedication to the Company's vision.
The Board has appointed Mr. Vernon (JR) King as Chief Operating Officer, replacing Mr. Stocks at the operational level. Mr. King is a qualified mining engineer and brings 33 years of experience in the mining industry. He has held several senior positions in the industry, including President of the Kentucky Division of Alpha Natural Resources. He holds a Mining Engineering Degree from Bryson University in the United States.
Mr. George Lawton, Chief Financial Officer ("CFO"), has left the Company. In addition to his role as President of the Company, Mr. Abraham Jonker has been appointed as interim CFO of EastCoal whilst an appointment of a permanent successor is advanced. Mr. Jonker has extensive experience as CFO of publicly listed companies and has acted as CFO for Cambrian Mining Plc and Western Coal Corp.
With Mr. Lawton's departure, Mr. Hendrik Dietrichsen, General Counsel of the Company, has been appointed as Company Secretary and he will assume this role in addition to his current position.
By Order of the Board,
John Byrne, Chairman and CEO
About EastCoal Inc.
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, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.