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

About this update from Canter Resources Corp

[{"type":"text","content":"\n\n\nTORONTO, Oct. 28, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)\n is pleased to announce that it has revised its previously disclosed\n plans (please see the Company's press release dated June 28, 2013) in\n respect of the port concession it owns at Barranquilla (Concession\n Contract No. 3-003 7-2008) (the \"Port Concession\"). The Company has\n signed two share purchase and sale agreements in respect of the sale\n of 26,795 shares of Alamota Holdings, the subsidiary of the Company\n that indirectly holds the Port Concession, whereby PAK sold\n approximately 53.59% of the Alamota shares for a total purchase price\n on these two transactions of approximately US$17 million.  A third\n share purchase and sale agreement in respect of the sale of\n approximately an additional 37.83% of the Alamota shares is committed\n and expected to be signed towards the beginning of November 2013 for a\n total purchase price of an additional US$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 one of the purchasers, that acquired approximately\n 37.83% of the shares of Alamota, is a wholly owned subsidiary of Blue\n Pacific Assets Corp., a principal shareholder of the Company.\n\n\nWhile previously the related party subsidiary of Blue Pacific was\n acquiring a 50% interest, under the revised transaction, the subsidiary\n is acquiring an approximately 37.83% of the shares. The Company intends\n to rely on an exemption from the requirement to obtain a formal\n valuation and will be relying on the minority shareholder approval as\n prescribed by MI 61-101 in respect of the transaction obtained at a\n special meeting of shareholders held on August 12, 2013.\n\n\nHernan Martinez, Executive Chairman, said \"We are delighted to see the\n Company's strategic plan take form as this port sale enables the\n Company to not only further strengthen its focus on its core business,\n but also provides the Company with cash to pay off outstanding short\n term debt.\"\n\n\nThe transaction is subject to TSXV approval and is expected to close in\n the last quarter of 2013.\n\n\nOther Updates\n\n\nCoke processing plant rental agreement\n\n\nOn August 1, 2013, an agreement was signed with C...

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