EASTCOAL INC. ("ECX.H")
[formerly EastCoal Inc. ("ECX")]
BULLETIN TYPE: Property-Asset or Share Disposition Agreement, Transfer and New Addition to NEX, Symbol Change
BULLETIN DATE: February 26, 2014
TSX Venture Tier 2 Company
1) Property-Asset or Share Disposition Agreement:
TSX Venture Exchange has accepted for filing the following:
1. Share-purchase agreement dated January 10, 2014, between EastCoal Inc. (the "Company"), its wholly-owned Cyprus incorporated subsidiary, Gramisco Holdings Ltd. ("Gramisco") and EFI Holding GmbH ("EFI") pursuant to which EFI will acquire all of the Company's 0.1% shareholding and all of Gramisco's 99.9% shareholding in East Coal Company LLC ("ECC") for an aggregate cash consideration of US$499,000.
2. Share-purchase agreement dated January 10, 2014, between the Company and Gramisco and EFI pursuant to which EFI will acquire all of the Company's 0.1% shareholding and all of Gramisco's 99.9% shareholding in Ukraine Energy LLC ("UE") for aggregate cash consideration of US$1,000. ECC holds the assets related to the Company's material project, the Verticalnaya mine; UE is an inactive shell company.
The above share purchase agreements also provide for the assignment to EFI of the Company's rights pursuant to a loan agreement dated June 25, 2009 between the Company (as lender) and ECC (as borrower).
3. Share-purchase agreement dated January 10, 2014, between the Company and Gramisco and Strong Group Corporation Limited ("Strong Group") pursuant to which Strong Group will acquire the Company's 0.1% shareholding and all of Gramisco's 99.9% shareholding in Inter-Invest Coal LLC ("IIC") for an aggregate cash consideration of US$15,020. IIC holds assets relating to the Company's Menzhinsky mine in the Ukraine, which is currently being liquidated.
The above share purchase agreement also provides for the assignment of EFI of the Company's rights pursuant to various loan agreements between the Company (as lender) and IIC (as borrower).
The Company is currently in creditor protection and is disposing of the assets listed below subject to court order approval under the Bankruptcy and Insolvency Act (Canada). The above transactions have received Court Approval on January 16, 2014.
Further information on the transactions is available in the Company's News Releases dated November 8, 2013, January 16, 2014, January 17, 2014 and February 26, 2014.
2) Transfer and New Addition to NEX, Symbol Change:
In accordance with TSX Venture Policy 2.5, as a result of the above transactions, the Company has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on Thursday, February 27, 2014, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Vancouver to NEX.
As of the opening on Thursday, February 27, 2014, the Company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies.
The trading symbol for the Company will change from ECX to ECX.H. There is no change in the Company's name, no change in its CUSIP number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX Venture market.
The Company is classified as a 'Mining Exploration' company.
________________________________________
|
|
