Canada Coal Provides Corporate Update
VANCOUVER, British Columbia, May 31, 2018 (GLOBE NEWSWIRE) -- Canada Coal Inc. (the “Company” or “Canada Coal”), (TSX-V:CCK) provides this update in connection with its previously announced (see press releases of November 20th, 2017 and February 21st, 2018) signing of a non-binding letter of intent (“LOI”) with Potash Ridge Corporation.
Despite best efforts, Canada Coal and Potash Ridge were not able to reach definitive terms in connection with a proposed transaction and accordingly both companies have allowed the LOI to expire. Canada Coal is now looking at other business opportunities and will provide further updates as and when information becomes available.
The Company currently has a cash balance of approximately $1,700,000. The Company has no debt and has no material liabilities.
On behalf of the Board of Directors
“R. Bruce Duncan”
President and Chief Executive Officer
Phone: 1-604-685-6375
Website: www.canadacoal.com
E-mail: info@canadacoal.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.”
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).