Pacific Coal Resources Ltd. announces transaction in respect of Barranquilla port concession

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[{"type":"text","content":"\n\n\nTORONTO, June 28, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)\n is pleased to announce that it has signed a memorandum of understanding\n in respect of the Company's port concession at Barranquilla (Concession\n Contract No. 3-003 7-2008) (the \"Port Concession\") whereby the Company\n will contribute the Port Concession to a joint venture company while\n the joint venture partner shall provide the capital to develop the\n port, thereby meeting the Company's obligations under the Port\n Concession. At closing of the transaction, the joint venture company,\n which may be the Company's subsidiary currently holding title to the\n Port Concession, Sociedad Portuaria Terminal Las Flores S.A., shall be\n equally owned between the Company and the joint venture partner. The\n purchase price for the transaction is a capital contribution by the\n joint venture partner in the amount of U.S. $17 million.\n\n\nThe transaction is a \"related party transaction\" for the purposes of\n Multilateral Instrument 61-101 - Protection of Minority Share Holders in Special Transactions (\"MI 61-101\") as the joint venture partner is a wholly owned subsidiary\n of Blue Pacific Assets Corp., a principal shareholder of the Company.\n The Company intends to rely on an exemption from the requirement to\n obtain a formal valuation but will be seeking minority shareholder\n approval as prescribed by MI 61-101 in respect of the transaction, as\n the Company has determined that the fair market value of the\n transaction exceeds 25% of the Company's market capitalization as\n calculated in accordance with MI 61-101. The Company has filed a notice\n of meeting for a special meeting of shareholders to be held on August\n 12, 2013 at 10 a.m. in Toronto (please see the Company's profile at www.sedar.com).\n\n\nThe transaction is subject to TSXV approval and is expected to close in\n the third quarter of 2013.\n\n\nAbout Pacific Coal Resources Ltd.\n\n\nPacific Coal Resources Ltd. is a Canadian-based mining company engaged\n in the acquisition, exploration and production of coal and coal-related\n assets from properties located in Colombia. The Company's common shares\n are listed on the TSX Venture Exchange and trade under the symbol\n \"PAK\".\n\n\nForward Looking Information:\n\n\nThis news release contains \"forward-looking information\", which may\...

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