Colonial Coal Reports on Recent Warrant Exercises
February 05 2020 - 6:31PM
Colonial Coal International Corp. (TSX-V: CAD)
(the “
Company” or “
Colonial”) is
pleased to announce that since the beginning of the year until
February 3, 2020, the Company has received aggregate proceeds of
$5,181,688 from the exercise of certain outstanding common share
purchase warrants (the “
Warrants”) to acquire an
equivalent number of common shares of the Company. The
Warrants had exercise prices of either $0.15 or $0.30 per common
share and the proceeds from the exercise of the Warrants will now
be utilized by the Company for general corporate development and
working capital purposes.
Overall, from April of 2018 until February 3,
2020, the Company has received aggregate proceeds of $6,994,240
from the exercise of Warrants. The Company currently has
174,211,551 common shares outstanding and no Warrants remain
available for exercise.
Mr. David Austin, Colonial’s President and CEO
stated, “We sincerely thank our shareholders for exercising such a
large number of the Warrants and, as a consequence, evidencing
their ongoing support for and confidence in Colonial and in its
Board of Directors and management”.
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.
About Colonial Coal International
Corp.
Colonial Coal is a publicly traded coal
corporation in British Columbia that focuses primarily on coking
coal projects. The northeast Coal Block of British Columbia,
within which our Company’s projects are located, hosts a number of
proven deposits and has been the subject of M&A activities by
Anglo-American and others. Additional information can be
found on the Company's website www.ccoal.ca or by viewing the
Company's filings at www.sedar.com.
Forward-Looking Information
Information set forth in this news release may
involve forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: risks associated with marketing and sale of
securities; the need for additional financing; reliance on key
personnel; the potential for conflicts of interest among certain
officers or directors with certain other projects; and the
volatility of common share price and volume. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and except as
required by law, the Company undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change. Investors are cautioned
against attributing undue certainty to forward-looking
statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF
THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO
CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE
ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO,
IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES
LEGISLATION.
For further information please contact:
Colonial Coal International Corp. Shane Austin 604.568.4962
saustin@ccoal.ca www.ccoal.ca
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