Coalspur Scheme Update
Vancouver, April 30, 2015 AEST (ABN Newswire) - Coalspur Mines Limited ("Coalspur" or "Company") (
ASX:CPL) (TSE:CPT) refers to the scheme of arrangement pursuant to which it is proposed that KC Euroholdings S.à r.l. ("KCE") will acquire all of the ordinary shares in Coalspur ("Scheme") and advises that the conditions precedent relating to KCE's purchase of the debts owed by the Coalspur group to EIG Global Energy Group and Borrowdale Park S.A have been satisfied.
As announced on 28 April 2015, the second court hearing has been adjourned to 3 June 2015. The second court hearing was adjourned 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. Negotiations between the relevant parties in relation to this matter are ongoing.
The condition precedent relating to the amendment of Coalspur's current contract with CN Rail to the satisfaction of KCE will also need to be satisfied or waived prior to the second court date.
Coalspur and KCE continue to work collaboratively towards satisfying the remaining conditions precedent to the Scheme. Coalspur will continue to keep shareholders updated on the status of conditions precedent and the Scheme generally. However, there remains a risk that the outstanding conditions precedent to the Scheme may not be satisfied or waived before the adjourned second court hearing.
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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