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eastcoal inc (ECX) Details

EastCoal Inc. acquires and develops mineral properties in Ukraine. The company primarily holds interest in the Verticalnaya anthracite coal mine located on the Eastern side of Ukraine. It also holds interest in the Menzhinsky underground metallurgical coal mine located on the Eastern side of Ukraine. The company was incorporated in 1986 and is headquartered in Vancouver, Canada.

Founded in 1986

eastcoal inc (ECX) Top Compensated Officers

Chief Executive Officer, Company Secretary, D...
Total Annual Compensation: C$186.0K
President, Acting Chief Financial Officer and...
Total Annual Compensation: C$110.0K
Compensation as of Fiscal Year 2013.

eastcoal inc (ECX) Key Developments

EastCoal Announces Amended Date Of Cancellation Of The Company's Admission To AIM

EastCoal Inc. announced that pursuant to AIM Rule 41, and following the Special Meeting of the Company on July 30, 2014 in which Shareholders approved the cancellation of the admission of the Company's securities to AIM, the Company's securities will be cancelled from admission to trading on AIM at 7:00 a.m. (London time) on August 27, 2014. Following Cancellation the Company will maintain its NEX listing and will therefore continue to be subject to the Canadian Securities and Exchange Commission's reporting obligations. Once Cancellation has occurred there will be no market facility in the UK for dealing in EastCoal's Depository Interests. On September 24, 2014 the CREST depository interest facility will be terminated and the ISIN for the securities previously held in CREST system will be disabled. At this time all Depository Interests that were previously admitted to trading on AIM and entered on the register maintained by Computershare will be placed on the Company's Canadian registrar list.

EastCoal Proposes Cancellation Of Listing From AIM

EastCoal Inc. announced on June 23, 2014 that the Company intended to seek shareholder approval for the cancellation of the Company's Admission to AIM. The Company is due to hold a combined Annual General Meeting and Special Meeting on July 30, 2014, at which shareholders will be asked to consider a special resolution to approve the Cancellation. The board of directors of the Company have identified the following reasons for the Cancellation, which they consider to be in the long-term best interests of the Company and EastCoal shareholders: the high costs of maintaining the Company's Admission to AIM. The Company considers the costs associated with maintaining the Company's Admission to AIM are excessive when considered alongside the costs of maintaining the Company's listing on TSX Venture Exchange's trading board NEX in Canada. At this time, the Board has concluded that maintaining a second listing on AIM is inappropriate. The need to maintain appropriate liquidity of EastCoal stock. With the Company's listing on NEX, the Board is concerned that there may not be enough liquidity for EastCoal shares to support trading on both NEX and AIM. The Board believes it is in the best interests of the Company and its shareholders to focus the trading of EastCoal shares on NEX. The operational and legal difficulties of being subject to two different regulatory regimes in two different countries, in order to maintain listings on both AIM and NEX. Should the Cancellation from AIM be approved by EastCoal shareholders, the Company will maintain its NEX listing and will therefore continue to be subject to the Canadian Securities and Exchange Commission's reporting obligations. The Company will continue to keep EastCoal shareholders informed of the Company's financial and operational performance through ongoing updates in regulatory filings with the NEX. to EastCoal shareholder approval of the Cancellation at the General Meeting by the required 75% of shares represented by shareholders voting in a general meeting, it is expected that the admission of the Ordinary Shares to trading on AIM will be cancelled with effect from 7.00 a.m. (London time) on September 24, 2014. Accordingly, the latest date for trading in Ordinary Shares through the market on normal market timings to settle prior to the Cancellation will be September 19, 2014. Following the Cancellation, there will be no market facility in the UK for dealing in EastCoal shares and EastCoal shareholders wishing to publicly trade their EastCoal shares will need to do so through NEX.

EastCoal Inc., Annual General Meeting, Jul 30, 2014

EastCoal Inc., Annual General Meeting, Jul 30, 2014., at 10:00 Pacific Standard Time. Location: Dentons Canada LLP. Agenda: To receive and consider the audited financial statements of the company for the financial year ended December 31, 2013 and the auditor’s report thereon; to elect directors of the company for the ensuing year; to appoint auditors for the ensuing year; to authorize the directors of the company to fix the auditors’ remuneration for the ensuing year; to consider, and, if thought advisable, to pass, with or without variation, a special resolution of the company authorizing that the admission of the company's ordinary shares to trading on AIM be cancelled and that the Directors of the company be and are hereby authorised to do all acts, deeds and things necessary and to execute, sign and deliver for and on behalf of the company all such documents as may be necessary to give full effect to the delisting; and to transact such further or other business as may properly come before the meeting and any adjournments thereof.

 

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