CEC and LG Agree to Acquire Additional Interest in Comox Joint Venture
TSX-V TRADING SYMBOL: CEC
VANCOUVER, July 29, 2014 /CNW/ - Compliance Energy Corporation (the "Company)
announces that the Company and LG International Investments (Canada) Ltd., a
wholly owned subsidiary of LG International Corp. of South Korea (LGI) have
reached an agreement with I-Comox Coal Inc., a wholly owned subsidiary of
Itochu Corporation of Japan (Itochu) under which the Company and LGI will
acquire Itochu's interest in the Comox Joint Venture. Under the terms of the
agreement, Itochu will withdraw from the Comox Joint Venture (CJV) and the
Company and LGI will increase their respective interests in the project. A
condition of the Company and LGI acquiring Itochu's interest is finalization
of certain conditions which include the transfer of land titles and payment of
Itochu's proportional share of prior expenditures.
The Comox Joint Venture involves the development of private coal rights and
crown coal licenses in a historical coal mining area of Vancouver Island. The
surface facilities are proposed to be located on private land that was
recently logged, thus allowing for minimal impact to the area while providing
much needed jobs on Vancouver Island.
The Company and LGI have been continuing the environmental application process
with the British Columbia Environmental Application Office (EAO) and Canadian
Environmental Application Agency (CEAA). Currently, the Company is preparing a
response to the screening comments provided by the EAO and CEAA and plans to
continue to advance its environmental application throughout the year.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Mr. Stephen Ellis
President and COO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the Policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Compliance Energy Corporation
Contact Stephen Ellis, President and COO. Compliance Coal Corporation at
250-871-7910 for further information.
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CO: Compliance Energy Corporation
ST: British Columbia
NI: MNG OIL MNA VNT
-0- Jul/29/2014 07:30 GMT
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