Provides Scheme Update
Vancouver, April 24, 2015 AEST (ABN Newswire) - Coalspur Mines Limited ("Coalspur" or "Company") (
ASX:CPL) (TSE:CPT) advises that it is seeking an approximately 30 day adjournment to the second court hearing (which is currently scheduled for 09h15 (WST) on Tuesday, 28 April 2015 at the Federal Court of Australia) relating to the scheme of arrangement by which KC Euroholdings S.à r.l. ("KCE") will acquire all of the ordinary shares in Coalspur ("Scheme"), which was recently approved by Coalspur's shareholders.
The purpose of the adjournment is to allow Coalspur and KCE additional time to satisfy the condition precedent to the Scheme relating to the renegotiation of Coalspur's existing contractual arrangements with Ridley Terminals Inc., to the satisfaction of KCE. These negotiations are ongoing but Coalspur and KCE expect that they will not be concluded in time for the second court hearing to be held as currently scheduled.
The transactions relating to the completion of the purchase of debts owed to EIG and Borrowdale by the Coalspur group by KCE are expected to close on 28 April 2015.
An updated timetable for the Scheme will be released once revised dates have been confirmed.
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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