Forbes Coal Provides Corporate Update
TORONTO, ONTARIO -- (Marketwired) -- 02/05/14 -- Forbes & Manhattan
Coal Corp. ("Forbes Coal" or the "Company") (TSX: FMC)(JSE: FMC) is
pleased to announce the appointment of Mr. Bob Francis to the board
of directors of Forbes Coal. The appointment of Mr. Francis follows
the resignation of Messrs. Stan Bharti and Stephan Theron who have
stepped down as directors of Forbes Coal. Messrs. Bharti and Theron
helped found Forbes Coal and have been instrumental in the Company's
achievements over the years.
Mr. Francis is a retired (2007) senior partner of the Toronto office
of Deloitte & Touche, having enjoyed an extensive career in public
accounting. During his 39 years of public accounting experience, and
30 years as a partner, he focused on financial statement audits and
securities engagements of companies operating in the resources,
retail, manufacturing, electronics and real estate industries. Mr.
Francis led the Deloitte & Touche Resource Sector Mining Group
practice providing a complete range of services to companies in the
metals/mining sector. Mr. Francis also has vast experience in
engagement management and audit reporting, with a variety of Canadian
public companies and SEC registrants, including multi-billion dollar
multinationals, and major Canadian subsidiaries of foreign (U.S. and
U.K.) public companies.
Mr. Francis has managed all services to leading base and precious
metal producers, leading retailers, a leading telecommunication
equipment manufacturer, and for other clients in the automotive,
chemical, food container, electronics, and real estate industries.
Mr. Francis has also assisted clients in addressing regulatory
compliance matters governing the preparation of and disclosure
relating to financial statements and other public reporting
documents. In addition, he has contributed to the development of
governance programs in such areas as Audit Committee Charters and
advising on governance best practices.
The Company also reports that Mr. Theron has stepped down from his
role as President and Chief Executive Officer of the Company but has
agreed to continue with Forbes Coal in a consulting capacity. Mr.
Craig Wiggill will assume an interim role of Executive Chairman and
Chief Executive Officer until the date of shareholder approval of the
convertible loan with Resource Capital Fund, the Company's largest
shareholder. Mr. Malcolm Campbell will be appointed as Chief
Executive Officer of the Company following the date of shareholder
Mr. Wiggill has held management, executive and directorship positions
with several international mining and marketing companies in the coal
sector. As CEO of Coal Americas at Anglo American plc., he was
responsible for overseeing all coal activities in North and South
America. He was previously Managing Director of Anglo Coal Marketing
Ltd from 2000 to 2004 and is an engineer by profession (B.Sc.
Engineering, University of the Witwatersrand, 1984).
Mr. John Dreyer will assume the role of lead independent director of
Forbes Coal is also pleased to announce that Ms. Sarah Williams has
been appointed as Chief Financial Officer of the Company, replacing
Ms. Battiston who is stepping down from her role with Forbes Coal.
Ms. Williams is a Chartered Accountant (SA) with eleven years
experience in the corporate finance industry. Her expertise is in the
resource sector where she played key roles in company listings and
IPOs, mergers and acquisitions, restructurings and debt and equity
capital raisings. She has advised on numerous transactions in the
coal, gold, diamonds and iron ore sectors. Prior to joining Forbes
Coal, Ms. Williams was with Sasfin Bank, a South African bank listed
on the Johannesburg Stock Exchange. Before Sasfin Bank, Ms. Williams
held positions with boutique and major finance advisory groups.
Each of Messrs. Bharti, Theron and Ms. Battiston have been
instrumental in their roles with Forbes Coal and the board of
directors of the Company thank each of them for their past services
and wish them the best in their future endeavors.
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It holds a
majority interest in two operating mines through its 100% interest in
Forbes Coal (Pty) Ltd., a South African company which has a 70%
interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100%
interest in the Magdalena bituminous mine and the Aviemore anthracite
mine in South Africa. Forbes Coal has an experienced coal-focused
This press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the appointment and resignation of offices
and directors of the Company and future financial or operating
performance of Forbes Coal and its projects. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Forbes Coal to be materially different
from those expressed or implied by such forward-looking information,
including but not limited to: general business, economic,
competitive, foreign operations, political and social uncertainties;
a history of operating losses; delay or failure to receive board or
regulatory approvals; timing and availability of external financing
on acceptable terms; not realizing on the potential benefits of the
proposed transaction; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the
mining industry; and, delays in obtaining governmental approvals or
required financing or in the completion of activities. Although
Forbes Coal has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Forbes & Manhattan Coal Corp.
Executive Chairman and Interim CEO
+27 11 656 3206
Forbes & Manhattan Coal Corp.
Chief Financial Officer
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