CanAm Adds New Board Member
August 01 2012 - 8:01AM
Marketwired Canada
CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") is
pleased to announce the appointment of Steve Somerville to its Board of
Directors. Mr. Somerville will commence duties immediately.
Mr. Somerville is a highly experienced corporate finance executive with key
strengths in mergers and acquisitions, debt and equity strategies, structured
finance, corporate restructuring, risk management and investment strategies. Mr.
Somerville is currently President of CCM Capital Corporation, a privately held
Investment holding company. Prior to establishing CCM Capital Corporation in
2012, Steve was President, BMO Capital Corporation, a leading provider of junior
capital, including subordinated debt, mezzanine financing and equity capital to
mid-market companies across Canada. Additionally, Mr. Somerville was responsible
for the leadership of Bank of Montreal's Canadian Mid-Market Mergers and
Acquisitions business and the Bank's Limited Partner investments in third party
Canadian Private Equity Funds. Mr. Somerville was also a member of the Bank's
Corporate Finance Leadership from 2001 to 2012. Prior to joining the Bank of
Montreal, Steve worked 11 years with CIBC in a variety of roles. Steve is an
experienced director having served on a number of Canadian boards as BMO's
nominee.
Commenting on the appointment, Jon Legg, Chairman of CanAm's Board of Directors
noted: "The appointment of Steve Somerville to the Board of Directors is a
significant step for CanAm Coal. Steve's background, reputation and experience
in Mid-Market corporate finance are exceptional and particularly relevant given
the Company's overall growth strategy of becoming an intermediate coal producer
in the next 3 to 5 years. Steve will be an invaluable member of our team moving
forward, as we execute on our business strategy."
Mr. Somerville has been issued 400,000 stock options with an exercise price of
$0.135. The options, issued in accordance with CanAm's stock option plan, are
valid for 10 years and vest as to 1/6th of the options issued at the end of each
successive three month period from the date of issuance such that the options
are fully vested 18 months from the date of issuance. The Company has determined
that there are exemptions available from the various requirements of TSX Venture
Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the options to
directors, officers and employees of the Company (Formal Valuation - Issuer Not
Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than
$2,500,000).
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the
acquisition, exploration and development of coal resources and resource-related
technologies. CanAm's main activities and assets include its four operating coal
mines in Alabama and the Buick Coal Project which holds significant coal
resources, 188 million indicated and 103 million inferred resources, in
Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert
County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2,
2007). Other coal and related opportunities continue to be evaluated on an
ongoing basis.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
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