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Press release from CNW Group

Pacific Coal Resources Ltd. announces closing of US$4 million private placement and possible financing

Monday, June 03, 2013

Pacific Coal Resources Ltd. announces closing of US$4 million private placement and possible financing

07:51 EDT Monday, June 03, 2013


TORONTO, June 3, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce closing of the previously announced private placement of units (the "Offering"). A total of 3,706,182 units have been issued to Pacific Power Generation Corp., a company existing under the laws of the Republic of Panama and the sole subscriber under the Offering, at a price of C$1.10 per unit for aggregate proceeds of US$4,000,000.

Each unit consists of one common share of Pacific Coal and one common share purchase warrant of Pacific Coal. Each warrant entitles the holder to purchase one common share of Pacific Coal at an exercise price of C$1.10 until May 31, 2018.

The common shares and warrants issued pursuant to the Offering are subject to a four month hold period, expiring on October 1, 2013. After closing of the Offering, Pacific Coal will have at total of 49,724,290 common shares issued and outstanding.

The Company is also pleased to announce that it has retained the financial advisory firm of LW Securities to explore alternatives to consolidate the Company's bank debt and reduce amounts owed to Masering, including a potential bond offering.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PAK".

Forward Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pacific Coal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Pacific Coal disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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 news release.

SOURCE: Pacific Coal Resources Ltd.

For further information:

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725

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