TORONTO, Sept. 8, 2011 /PRNewswire/ - Pacific Coal Resources Ltd. (TSXV: PAK) announced today that it has purchased for cancellation 118,500 common shares in the capital of the Company at an average price of $0.567 under its previously announced normal course issuer bid with the TSXV.
Under the bid, the Company is entitled to purchase for cancellation up to a maximum of 10% of common shares that comprise the Company's Public Float (as such term is defined in the TSXV Corporate Finance Manual) through the facilities of the TSXV until the earlier of July 3, 2012 or the date on which the Company has purchased the maximum number of common shares permitted under the bid.
Management and the board of directors of the Company feel that the Company's current valuation on the TSXV does not reflect the intrinsic value of the assets held by Pacific Coal, nor the future prospects, and strongly believes the above purchase is an appropriate use of cash at this time.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company focused on coal, coking coal, asphalt and asphaltite exploration, development and production from prospective producing, development-stage and exploration-stage properties in Colombia. The Company has acquired or entered into agreements to acquire various interests in several operating coal mines and projects, representing a substantive coal and asphaltite exploration and production area throughout Colombia. Pacific Coal is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.
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 S.A.