CanAm Coal Corp. Pleased to announce that it intends to complete a non-brokered private placement
of up to 960,000 units at a price of $0.13 per unit for gross proceeds of up to
$124,800. Each unit will consist of one common share and one half common share
purchase warrant. Each warrant is exercisable at $0.17 per common share for a
period of two years from closing. This private placement will be fully
subscribed for by Mr. Steven Somerville, who has been appointed a director of
the Company.
Proceeds of the private placement will be used for general operating purposes.
The completion of the private placement is subject to regulatory approval. CanAm
has determined that there are exemptions available from the various requirements
of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of
the units to Mr. Somerville (Formal Valuation - Issuer Not Listed on Specified
Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the
acquisition, exploration and development of coal resources and resource-related
technologies. CanAm's main activities and assets include its four operating coal
mines in Alabama and the Buick Coal Project which holds significant coal
resources, 188 million indicated and 103 million inferred resources, in
Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert
County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2,
2007). Other coal and related opportunities continue to be evaluated on an
ongoing basis.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
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