In the news release, Pacific Coal Resources Ltd. announces
temporary cease trade order, issued 04-May-2015 by Pacific Coal Resources Ltd. over
CNW, we are advised by the company that the headline should read
"Pacific Coal Resources Ltd. announces the possibility of a
temporary cease trade order" rather than "Pacific Coal Resources
Ltd. announces temporary cease trade order" as originally issued
inadvertently. The complete, corrected release follows:
Pacific Coal Resources Ltd. announces the possibility of a
temporary cease trade order
TORONTO, May 4, 2015 /CNW/ - Pacific Coal Resources Ltd.
(TSXV: PAK) announced today that it has filed a Material Change
Report in respect of the Company's default in filing annual
financial statements, management's discussion and analysis, and
certifications for the period ending December 31, 2014 which were due to be filed on
April 30, 2015 as required under
National Instrument 51-102 Continuous Disclosure Obligations
(the "Annual Financial Statements"). In connection with the
Company's inability to file the Annual Financial Statements on
time, the Canadian securities regulators may issue a cease trade
order. The Company has applied to applicable Canadian securities
regulators requesting that if a cease trade order is issued, it be
a management cease trade order (which restrains trading in the
Company's securities by certain Company insiders) as opposed to an
issuer cease trade order (which restricts all trading in the
Company's securities).
Due to a delay by the Company to commence the audit procedures
of its Annual Financial Statements, additional time is required to
complete the filing. The Company is working diligently with its
auditors to file the Annual Financial Statements in an expedient
manner. The Company currently expects to file the Annual Financial
Statements within a relatively short time period but no later then
two months, during which time the Company will provide bi-weekly
default status reports in accordance with Section 4.4. of National
Policy 12-203 – Cease Trade Orders for Continuous Disclosure
Defaults.
About Pacific Coal Resources Ltd.
Pacific Coal
Resources Ltd. is a Canadian-based mining company engaged in the
acquisition, exploration and production of coal and coal-related
assets from properties located in Colombia. The Company's common shares are
listed on the TSX Venture Exchange and trade under the symbol
"PAK".
Forward Looking Information:
This news release
contains "forward-looking information", which may include, but is
not limited to, statements with respect to the future financial or
operating performance of the Company and its projects. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Pacific Coal to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements contained herein are made as
of the date of this press release and Pacific Coal disclaim, other
than as required by law, any obligation to update any
forward-looking statements whether as a result of new information,
results, future events, circumstances, or if management's estimates
or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
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 news release.
SOURCE Pacific Coal Resources Ltd.