TORONTO, June 2, 2015 /CNW/ - Pacific Coal Resources
Ltd. (TSXV: PAK) provides update on cease trade order issued in
respect of a default in filing its 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 have issued 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).
Further, the Company provides notice of default in filing its
interim financial statements, management's discussions and analysis
and certifications for the three-month period ending March 31, 2015 which were due to be filed on
May 29, 2015 (the "Q1 2015
Financial Statements") as a result of the Annual Financial
Statements not having been filed.
The Company continues to work 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 than two months,
during which time the Company will continue to provide bi-weekly
default status reports in accordance with Section 4.4. of National
Policy 12-203 – Cease Trade Orders for Continuous Disclosure
Defaults. Once the Company has filed its Annual Financial
Statements, it is expected that the Q1 2015 Financial Statements
will be filed shortly thereafter.
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.