CanAm Coal Corp. Completes Acquisition of 100% Interest in an Alberta Metallic and Industrial Minerals Permit
Dec 15 14
CanAm Coal Corp. announced it has completed the acquisition of a 100% interest in an Alberta Metallic and Industrial Minerals Permit covering approximately 1,200 acres (567 ha) of land containing high quality silica sand (or Frac Sand) in Central Alberta. The aggregate purchase price of the acquisition is $1.5 million which will be settled by $215,000 in cash and the issuance of 25.7 million common shares of the company at a deemed price of $0.05 per common share. At closing of the transaction, and including the portion of the purchase price that was paid at signing of the binding letter of intent, $165,000 in cash was paid and 5,940,000 common shares were issued. The remaining portion of the purchase price, comprised of 19,760,000 common shares of the company, were escrowed and will vest in accordance with the achievement of the following milestones and/or performance criteria: 4,940,000 common shares upon completion of a NI 43-101 resource report, 6,175,000 common shares upon completion of a Preliminary Economic Assessment and 8,645,000 common shares upon receipt of final permits. A final cash payment of $50,000 is due on February 1, 2015.
CanAm Coal Corp. Appoints Eric Hallmark as Chief Financial Officer
Dec 12 14
CanAm Coal Corp. announced the appointment of Mr. Eric Hallmark as the new Chief Financial Officer of the company. Mr. Hallmark is currently the controller of the company's Alabama subsidiaries and has, over the last couple of months, taken on an expanded role within the organization. Mr. Hallmark formally joined the Company in 2011 and has worked with the company's main subsidiaries since 2000. He will continue to be based in Birmingham, Alabama.
CanAm Coal Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Sales Results for the Third Quarter and Nine Months Ended September 30, 2014
Dec 2 14
CanAm Coal Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $16,670,022 against $17,873,253 a year ago. Loss from mining operations was $167,211 against income from mining operations of $1,021,184 a year ago. Loss before tax was $2,811,893 against $1,192,674 a year ago. Loss for the period was $2,499,281 against $894,945 a year ago. Loss attributable to owners of the parent was $2,400,329 against $964,172 a year ago. EBITDA from operations was $2,505,938 against $3,389,459 a year ago. Operating cash flow Was 1,700,000 against $5,400,000 a year ago. Capex was $0.1 million against $1.7 million a year ago.
For the nine months, the company reported revenue of $50,662,089 against $47,343,408 a year ago. Loss from mining operations was $115,006 against income from mining operations of $1,332,971 a year ago. Loss before tax was $7,293,018 against $5,900,377 a year ago. Loss for the period was $5,660,812 against $4,274,540 a year ago. Loss attributable to owners of the parent was $5,424,020 against $4,227,587 a year ago. EBITDA from operations was $7,787,581 against $7,869,802 a year ago. As its financial position and capital structure, the company completed its debt to equity conversion in the third quarter which reduced net debt by $7.6 million and, as a result, significantly improved its debt to equity ratio to 8:1 at the end of third quarter as compared to 76:1 at June 30, 2014. Capex was $3.6 million against $6.6 million a year ago.
The company reported sales results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported sales of 169,752 tons as compared to 195,750 in the third quarter of 2013. Sales were down mainly as a result of the lack of production from GC2 and were also impacted by a plant shutdown and a delay in the restart of shipments to one of the company's industrial customers. Third quarters of 2013 sales were mainly driven by record production in that quarter.
Sales for the nine month period were up 2% as compared to the prior year. For the nine months, the company reported sales of 523,740 tons as compared to 513,691 tons for the same period a year ago.