News ReleasesOctober 18, 2011
Vancouver, Canada - EastCoal Inc. (TSX-V: ECX)(the "Company" or "EastCoal") is pleased to report that it has received proceeds of approximately $19.6 million from the exercise of warrant shares during fiscal 2011, including $5.9 million received in October 2011. In all, approximately 68 million warrant shares, representing 97% of all warrant shares outstanding, were exercised. The balance of the warrant shares expired unexercised.
As a result of the warrant exercises, the Company now has 195.2 million common shares issued and outstanding. A total of 7,225,000 outstanding stock options, with exercise prices ranging from $0.30 to $0.75 per common share, expire between 2012 and 2016.
The President of EastCoal, Mr. John Byrne, commented:
"We are pleased with the response of the warrant holders. Cash on hand currently totals approximately $16.9 million. The Company continues to work towards first coal production in 2012, with the new wash plant due to be installed and operational later this year."
By Order of the Board,
Chairman and CEO
About EastCoal Inc.
The Company changed its name to EastCoal Inc. in early 2011, to reflect its new strategy of developing coal operations. It is focused on the Donbass coal basin of Ukraine which has large coal reserves and excellent prospects.
EastCoal Inc. is currently developing its 100% owned Verticalnaya anthracite mine.
Neither 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.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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