ENP Newswire -
Release date- 29072014 -
The six members of the board of directors elected at the meeting are
At the meeting, the Company obtained disinterested shareholder approval respecting the repurchase of
This debt to equity transaction was part of a three-step plan to significantly improve the financial position and capital structure of the Company and involved:
Refinancing the Company's equipment debt in order to provide additional liquidity at the operating company level;
Refinancing the Company's debenture debt maturing in
Increasing the Company's equity position in order to improve its debt to equity ratio and capital structure.
In April and May of 2014, the Company completed parts one and two of its plan as it was successful in refinancing its US equipment debt and was also successful in fully refinancing its debentures maturing in
As a result of these and other steps taken by the Company, the financial position and the capital structure of the Company has significantly improved and, on a proforma basis as at
Working capital improvement of approximately
Net debt decrease of
Debt to equity ratio improvement of 52:1 to 5:1
Also, over the remaining term of the
Company Chairman of the Board,
The Company will be releasing its second quarter financial results at the end of August.
At the meeting, management also provided an investor update and the corporate presentation is posted on the Company's website at www.canamcoal.com
President & CEO
Toll Free: 1.877.262.5888
Forward Looking Information and Statements
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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