Approval in Connection with Proposed Arrangement (6091D)
March 25 2011 - 2:00AM
UK Regulatory
TIDMWTN
RNS Number : 6091D
Western Coal Corporation
25 March 2011
Immediate Release 25 March 2011
Western Coal corp
Western Coal and Walter Energy Receive Investment Canada Act
Approval in Connection with Proposed Arrangement
Vancouver, BC, March 24, 2011 - Western Coal Corp. (TSX: WTN,
WTN.WT and AIM: WTN) ("Western") and Walter Energy, Inc. (NYSE:
WLT) ("Walter") are pleased to announce that the Minister of
Industry, under the Investment Canada Act, has approved the
proposed acquisition of Western by Walter upon determination that
the transaction is of net benefit to Canada. Completion of the
arrangement remains conditional on satisfaction of other customary
conditions. Subject to the satisfaction or waiver of all conditions
precedent, it is currently anticipated that the arrangement will be
completed on or about April 1, 2011.
About Western Coal
Western Coal is a producer of high quality metallurgical coal
from three mines in northeast British Columbia (Canada), high
quality metallurgical coal and compliant thermal coal from four
mines located in West Virginia (USA), and high quality anthracite
and metallurgical coal in South Wales (UK). The Company is
headquartered in Vancouver, BC, Canada, and trades on the AIM and
TSX stock exchanges under the symbol "WTN". More information can be
found at www.westerncoal.com.
About Walter Energy
Walter Energy is a leading U.S. producer and exporter of premium
hard coking coal for the global steel industry and also produces
steam coal and industrial coal, metallurgical coke and coal bed
methane gas. Walter Energy has annual revenues of approximately
$1.6 billion and employs approximately 2,100 people. For more
information about Walter Energy, please visit the company website
at www.walterenergy.com.
Western Coal's Forward-Looking Information Disclaimer
This release may contain forward-looking statements that may
involve risks and uncertainties. Such statements relate to the
Company's expectations, intentions, plans and beliefs. As a result,
actual future events or results could differ materially from those
suggested by the forward-looking statements. Readers are referred
to the documents filed by the Company on SEDAR. Such risk factors
include, but are not limited to changes in commodity prices;
strengths of various economies; the effects of competition and
pricing pressures; the oversupply of, or lack of demand for, the
Company's products; currency and interest rate fluctuations;
various events which could disrupt the Company's construction
schedule or operations; the Company's ability to obtain additional
funding on favourable terms, if at all; and the Company's ability
to anticipate and manage the foregoing factors and risks.
Additionally, statements related to the quantity or magnitude of
coal deposits are deemed to be forward-looking statements. The
reliability of such information is affected by, among other things,
uncertainties involving geology of coal deposits; uncertainties of
estimates of their size or composition; uncertainties of
projections related to costs of production; the possibilities in
delays in mining activities; changes in plans with respect to
exploration, development projects or capital expenditures; and
various other risks including those related to health, safety and
environmental matters.
Walter Energy Safe Harbor Statement
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and may involve a number of risks and
uncertainties. Forward-looking statements are based on information
available to management at the time, and they involve judgments and
estimates. There can be no assurance that the transaction with
Western Coal will close. The transaction is subject to a number of
closing conditions which may be outside of Walter Energy's control.
Forward-looking statements include expressions such as "believe,"
"anticipate," "expect," "estimate," "intend," "may," "plan,"
"predict," "will," and similar terms and expressions. These
forward-looking statements are made based on expectations and
beliefs concerning future events affecting us and are subject to
various risks, uncertainties and factors relating to our operations
and business environment, all of which are difficult to predict and
many of which are beyond our control, that could cause our actual
results to differ materially from those matters expressed in or
implied by these forward-looking statements. The following factors
are among those that may cause actual results to differ materially
from our forward-looking statements: the market demand for coal,
coke and natural gas as well as changes in pricing and costs; the
availability of raw material, labor, equipment and transportation;
changes in weather and geologic conditions; changes in extraction
costs, pricing and assumptions and projections concerning reserves
in our mining operations; changes in customer orders; pricing
actions by our competitors, customers, suppliers and contractors;
changes in governmental policies and laws, including with respect
to safety enhancements and environmental initiatives; availability
and costs of credit, surety bonds and letters of credit; and
changes in general economic conditions. Forward-looking statements
made by us in this release, or elsewhere, speak only as of the date
on which the statements were made. See also the "Risk Factors" in
our 2010 Annual Report on Form 10-K and subsequent filings with the
SEC which are currently available on our website at
www.walterenergy.com. New risks and uncertainties arise from time
to time, and it is impossible for us to predict these events or how
they may affect us or our anticipated results. We have no duty to,
and do not intend to, update or revise the forward-looking
statements in this release, except as may be required by law. In
light of these risks and uncertainties, readers should keep in mind
that any forward-looking statement made in this press release may
not occur. All data presented herein is as of the date of this
release unless otherwise noted.
Walter Energy Contacts: Western Coal Contacts:
Investors: David Jan
Mark H. Tubb Head of Investor Relations
Vice President - Investor Relations 604.694.2891
813.871.4027 david.jan@westerncoal.com
mtubb@walterenergy.com Bobby Morse / Katharine Sutton
Media: Buchanan Communications
Michael A. Monahan +44 (0)207 466 5000
Director - Corporate Communications bobbym@buchanan.uk.com
205.745.2628
mmonahan@walterenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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