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May 06, 2015 1:38 PM ET

Metals and Mining

Company Overview of Cobalt Coal Ltd.

Company Overview

Cobalt Coal Ltd. engages in the acquisition, exploration, development, and operation of coal properties in West Virginia, the United States. The company produces metallurgical coal, which is used in the production of steel. It owns and operates two coal projects, The Westchester Coal Mine and The Westchester Expansion. The company was formerly known as Cobalt Coal Corp. and changed its name to Cobalt Coal Ltd. in June 2011. Cobalt Coal Ltd. is headquartered in Calgary, Canada.

1414-8th Street SW

Suite 500

Calgary, AB T2R 1J6

Canada

Phone:

403-538-8455

Fax:

403-444-5042

Key Executives for Cobalt Coal Ltd.

Chief Executive Officer, President, Director and Member of Audit Committee
Compensation as of Fiscal Year 2014.

Cobalt Coal Ltd. Key Developments

Cobalt Coal To Transfer Its Listing From Tier 2 To NEX

In accordance with TSX Venture Policy 2.5, the Cobalt Coal Ltd. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening, August 12, 2014, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Calgary to NEX.

Cobalt Coal Ltd., Annual General Meeting, Apr 08, 2014

Cobalt Coal Ltd., Annual General Meeting, Apr 08, 2014., at 11:00 Mountain Standard Time. Location: offices of Burstall Winger LLP. Agenda: To consider the financial statements for the period ended December 31, 2012 and the auditors' report thereon; to fix the number of directors at three; to elect the board of directors for the ensuing year; to appoint auditors for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditors; to approve the corporation's stock option plan; to consider the proposed consolidation of the common shares of the Corporation; to consider and approve the change of the name of the corporation; and to transact such other business as may properly be brought before the meeting or any adjournment thereof.

Cobalt Coal Ltd. Announces Receipt of Default Notice from Virginia Property Vendors and Senior Secured Lender

Cobalt Coal Ltd. announced that it has received a notice of rescission of the share purchase and sale agreement from the vendors of the Virginia properties that were previously disclosed in Cobalt's news releases of December 19, 2013, March 8, 2012, July 11, 2012, July 17, 2012, November 19, 2012 and November 20, 2012. The notice was served as a result of the assertion by the vendors that certain conditions of the promissory note issued by Cobalt at closing of the Virginia property acquisition were not met, including the payment of the second tranche payment there under in the amount of $1,000,000 plus interest. As a result of the notice, Cobalt has also received default notice from its senior secured lender which includes notice of acceleration such that the amount due of approximately $1.8 million pursuant to the senior secured credit facility is immediately due and payable. Cobalt is continuing with ongoing discussions aimed at curing the defaults within the 60 days permitted under the agreements.

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