Coalcorp Mining Inc announces that its board of directors has called a special meeting of shareholders to be held in Toronto on February 11th 2010. The record date for determining those shareholders entitled to receive notice of and vote at, the Special Meeting is January 15th 2010.
At the Special Meeting, shareholders will be asked to consider and vote upon a resolution to approve the previously announced proposed sale by Coalcorp, through certain of its subsidiaries of the La Francia I mine and related infrastructure assets as well as all of the issued and outstanding shares of Adromi Capital Corp the holder of the La Francia II concession to a subsidiary of the Goldman Sachs Group Inc. The Proposed Transaction was announced by the Company in a press release issued on January 7th 2010 which has been filed on SEDAR.
The completion of the Proposed Transaction is subject to approval by a special resolution of shareholders at the Special Meeting. Formal notice of the Special Meeting and management information circular will be filed and delivered to the Company's shareholders in the following week. The Circular will set forth, among other things, information about
I) The Special Meeting
II) The recommendation by the Special Committee of independent directors in favour of the Proposed Transaction and the unanimous approval by the Board
III) The background to the Proposed Transaction and the strategic alternatives review process that led to it
IV) Summaries of certain of the key terms of the purchase agreements in respect of the Proposed Transaction.
Coalcorp also announces that the Board has accepted the resignations of Mr John Malysa, Chief Operating Officer, and Mr Joseph Belan, Interim Chief Executive Officer, from their respective positions with the Company, effective immediately. Mr Belan resignation follows the expiry of the term of his employment as Interim Chief Executive Officer of Coalcorp. Mr Belan will remain as a director of Coalcorp and has been appointed as Executive Vice Chairman of Coalcorp to continue his employment with the Company to oversee and assist with the completion of the Proposed Transaction as well as transition matters relating thereto.
Mr Juan Carlos Gomez, the Company's current General Counsel and Secretary has been appointed as new Interim Chief Executive Officer to manage the Colombian operations and the business of Coalcorp during the period up to the completion of the Proposed Transaction and transition matters relating thereto.
