TORONTO, Feb. 19, 2013 /PRNewswire/ - Pacific Coal Resources Ltd. (TSXV: PAK) announces the voluntary delisting of 74,749,976 warrants, being all of the Company's warrants currently trading on the TSX Venture Exchange under the symbol PAK.WT. Due to the minimal trading volume of the warrants, the Company is electing to delist the warrants to further its ongoing cost reduction initiative undertaken in 2012. The warrants are expected to be delisted at market close on March 18, 2013, being 20 trading days following the date of this release, as required by the TSXV.
The Company also announces that on January 22, 2013 it granted options to purchase 400,000 common shares of the Company to newly appointed officers of the Company, subject to regulatory approval. The stock options were granted pursuant to the Company's stock option plan and are exercisable at a price of $0.25 per share, set to expire on January 22, 2018.
On October 30, 2012, the Company granted options to purchase 4,000,000 common shares of the Company to a newly appointed officer of the Company, subject to regulatory approval. The stock options were granted pursuant to the Company's stock option plan and are exercisable at a price of $0.11 per share, set to expire on October 30, 2017.
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 and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.
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.