News ReleasesMay 31, 2012
Eastcoal Inc. Announces Acquisition of Menzhinsky Mine and Grant of Options
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
EastCoal Inc. (TSX-V:ECX) (the "Company") is pleased to announce that pursuant to a Share Purchase Agreement (the "Share Purchase Agreement") with Aponet Enterprises Ltd. for the sale and purchase of 100% of the charter capital of Inter-Invest Ugol Ltd., it has completed the acquisition of the Menzhinsky Coal Mine in Ukraine ("Menzhinsky Mine"). Details of the Share Purchase Agreement can be found in a news release of the Company dated April 13, 2012.
On May 4, 2012, the Company received approval of the Anti- Monopoly Committee of Ukraine for the transaction and on May 31, 2012, the Company received final approval for the transaction from the TSX Venture Exchange ("TSX-V").
In addition, the Company announces that pursuant to its stock option plan and subject to approval by the TSX-V, it has granted 3.5 million options to directors and officers of the Company. These options will have an exercise price of $0.41 per share and will vest immediately on the date of grant. These options will expire on May 31, 2017.
By Order of the Board,
John Byrne, Chairman and CEO
About EastCoal Inc.
EastCoal Inc. is focused on the Donbass coal basin of Ukraine which has large coal reserves and excellent prospects.
EastCoal Inc. is currently developing its 100% owned Verticalnaya anthracite mine and Menzhinsky mine.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, EastCoal assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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