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Attention Business Editors
Coalcorp Announces Claim Filed by Former Executives
TORONTO, July 3 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) announced today that a legal application has been filed
in Ontario against the Company and certain of its directors as well as its
significant shareholder, Pala Investments Holdings Limited ("Pala") under the
Securities Act (Ontario) and the Business Corporations Act (British Colombia).
The application has been filed by certain former directors and officers of the
Company being Serafino Iacono, Miguel de la Campa, Michael Davies, Jose
Francisco Arata, Efrain Carrera and Juan Manuel Pelaez but has yet to be
served on Coalcorp or its directors.
The Company believes the claims in respect of Coalcorp are baseless and
completely without merit and if served, Coalcorp intends to defend itself
vigorously against those claims. The Company is in the process of
restructuring its operations and views these claims as disruptive and clearly
not in the best interests of the shareholders of Coalcorp.
The allegations made in the current application are substantially similar
to those made in the notice of intention to file a derivative action filed by
the same group of former directors and officers of the Company, with the
addition of Mr. de la Campa and Mr. Davies, which was previously announced by
Coalcorp on March 5, 2009 (the "Notice of Derivative Action"). The allegations
include that Pala has breached Canadian securities laws and that certain named
current directors of Coalcorp, acted in a manner that is oppressive and
unfairly prejudicial to the claimants. The claimants are seeking, among other
things, an order to remove certain directors and unspecified damages. As
previously announced, the Notice of Derivative Action followed the
terminations of three former directors and officers of the Company, who are
also among the current group of claimants, being Jose Francisco Arata, Efrain
Carrera and Juan Manuel Pelaez.
Coalcorp is a coal mining, exploration and development company with
interests in the La Francia coal mine and related infrastructure projects and
a number of coal exploration properties, all located in Colombia. Coalcorp
also holds a 60% equity interest in Carbones Colombianos del Cerrejon which
owns the La Caypa coal mine in Colombia. Further information can be obtained
by visiting our website at www.coalcorp.ca or under the Company's profile at
www.sedar.com.
Statements made in this news release may be forward-looking and therefore
subject to various risks and uncertainties. Certain material factors or
assumptions are applied in making forward-looking statements and actual
results may differ materially from those expressed or implied in such
statements. Coalcorp does not undertake to update any forward-looking
statements; such statements speak only as of the date made.
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/For further information: Joseph Belan, Interim Chief Executive Officer,
+57-1-658-5050 Ext: 9990/
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