Cobalt Coal Ltd. (TSX VENTURE: CCF), the company made famous by the television reality series “Coal” on Spike TV, said Dec. 4 that on Nov. 27, the Alberta and British Columbia securities commissions issued full revocations of their respective cease trade orders which were issued in October.
The cease trade orders were issued as a result of the corporation’s failure to meet a deadline to file an updated technical report, compliant with National Instrument 43-101, on the Westchester mine and the Westchester Expansion lease, both located in McDowell County, W.Va. The technical report was filed on the Sedar computer system on Nov. 15.
As a result of the cease trade order revocations, Cobalt has been advised by TSX Venture Exchange that its common shares, which have been suspended from trading since Oct. 9, are scheduled for reinstatement of trading at the opening of the market on Dec. 6.
Cobalt said that it will not be proceeding with the C$100,000 non-brokered private placement of convertible debentures previously announced in the corporation’s news release dated Oct. 1.
Cobalt also advised that it will not be proceeding with the property acquisitions in Bell and Knox counties, Ky., that were the subject of its news release on Feb. 29 For clarity, these are not the acquisitions located in Virginia that are the subject of the corporation’s news releases of March 8, July 11 and Nov. 20, which the corporation refers to as the KMH and C&B acquisitions. Cobalt said it is working towards closing the KMH and C&B acquisitions prior to the revised closing deadline of Dec. 14.
Cobalt reported that installation of the dedicated power line to the Westchester mine site is now complete. As a result, the diesel generator that had been supplying mine power has been removed from site and Cobalt is arranging for the installation of the necessary electrical substation equipment such that upon resumption of operations, power will be supplied from the electrical grid resulting in substantial savings in the operating costs of the Westchester mine.
Cobalt is a publicly traded coal exploration and production company headquartered in Calgary, Alberta, Canada, with a regional office in Welch, W.Va.