TORONTO, July 22 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its eleventh Default Status Report in
accordance with National Policy 12-203: Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). On February 6, 2009 Coalcorp announced that
it would delay the filing of its second quarter interim financial statements,
CEO and CFO certifications and related management discussion and analysis
(MD&A) for the three and six-month periods ended December 31, 2008 (the
"Second Quarter Interim Financials") beyond the filing deadline of February
16, 2009. On May 13, 2009 Coalcorp announced that it would also delay the
filing of its third quarter interim financial statements, CEO and CFO
certifications and related management discussion and analysis (MD&A) for the
nine month period ended March 31, 2009 beyond the filing deadline of May 15,
2009.
On February 18, 2009 the Ontario Securities Commission (the "OSC") issued
a temporary management cease trade order related to the Company's securities
against the Chief Executive Officer and the then Chief Financial Officer
(Liliana Aleman has since stepped down from that role as announced on March
30, 2009) of the Company for so long as the Second Quarter Interim Financials,
and related certifications and MD&A are not filed. The issuance of such
management cease trade order does not affect the ability of persons to trade
in their securities of Coalcorp, other than the Chief Executive Officer and
Liliana Aleman, the former Chief Financial Officer. However, the OSC, in its
discretion, may determine at a later time that it would be appropriate to
issue a general issuer cease trade order affecting all of the Company's
securities.
Update Matters
--------------
The Company reports the below matters which update one of the items of
information contained in the tenth default status report issued by the Company
on July 8, 2009.
On April 30, 2009, the Company provided an update on the status of
various legal claims, which included a description of the status of
arbitration proceedings which were commenced at the ICC International Court of
Arbitration on August 9, 2007 with respect to the Company's acquisition of
Andean Coal Corporation from ENEL, SpA ("ENEL") pursuant to a purchase and
sale agreement dated as of September 29, 2005 between the Company and a
subsidiary of ENEL (the "PSA"). The dispute related to the determination of
the amount of the working capital adjustment claimed by ENEL under the PSA in
the amount of approximately CDN$2.2 million.
