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eastcoal inc (ECX) Details

EastCoal Inc. engages in the acquisition and development of coal mining interests in Ukraine. It owns interests in the Verticalnaya anthracite coal mine and Menzhinsky coking coal mine, which are located in the Donbass Region. The company was formerly known as Lysander Minerals Corporation and changed its name to EastCoal Inc. in January 2011. EastCoal Inc. was incorporated in 1986 and is headquartered in North 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 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. Announces Management Changes

EastCoal Inc. announced the resignation of Mr. John Byrne as director, executive chairman and chief executive officer of the Company with immediate effect. The company further announced the appointments of Mr. Greg Cameron as director and nonexecutive chairman and the appointment of Hendrik Dietrichsen as director and chief executive officer of the company with immediate effect. Mr. Cameron is the current President of Colby Capital Limited.

EaeastCoal Inc. Announces the Departure of Mr. Jr King, Chief Operating Officer

EastCoal Inc. announced that on January 10, 2014 the company and its wholly-owned, Cyprus incorporated subsidiary, Gramsico Holdings Ltd. entered into share purchase agreements with EFI Holding GmbH. The company announced the departure of Mr. JR King, Chief Operating Officer, with immediate effect. Under Mr. King's guidance the Verticalnaya mine was brought into production.

 

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