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Trading update
Forbes & Manhattan Coal Corp.
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: FMC
Share code on the JSE Limited: FMC
ISIN: CA3451171050
(“Forbes Coal” or “the Company”)
FORBES COAL SETTLES CLAIMS WITH RIVERSDALE MINING
TORONTO, ONTARIO – March 18, 2014: Forbes & Manhattan Coal Corp. (“Forbes Coal”
or the “Company”) (TSX: FMC) (JSE: FMC) has reached a settlement agreement with
Riversdale Mining Limited (“RML”) in respect of the dispute between the parties in relation to
the previously proposed acquisition by Forbes Coal of 100% of the shares and shareholder
claims of Riversdale Holdings Proprietary Limited.
The claim by Forbes Coal against RML for the return of the ZAR45.5 million (C$4.7 million)
deposit held in escrow (the “Escrow Funds”), and the claim by RML against FMC for
damages in the amount of R299.5 million ($30.7 million) arising from the proposed
acquisition, will be settled by way of the Escrow Funds (including interest) being shared
between the parties as to ZAR 19,400,000 (C$2.0 million) to RML and the balance to Forbes
Coal.
Pursuant to the terms of the settlement agreement, neither party shall have any further
claim, right, liability and/or duty of any kind towards the other party in respect of either claim.
About Forbes Coal
Forbes Coal is a coal producer in southern Africa. It holds a majority interest in two operating
mines through its 100% interest in Forbes Coal (Pty) Ltd., a South African company which
has a 70% interest in Zinoju Coal (Pty) Ltd. (“Zinoju”). Zinoju holds a 100% interest in the
Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Forbes Coal
has an experienced coal-focused management team.
Cautionary Notes:
This press release contains “forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements with respect to the settlement agreement entered into with RML. Generally,
forward-looking information can be identified by the use of forward-looking terminology such
as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or 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 information is
subject to known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of Forbes Coal to be materially
different from those expressed or implied by such forward-looking information, including but
not limited to: general business, economic, competitive, foreign operations, political and
social uncertainties; a history of operating losses; delay or failure to receive board or
regulatory approvals; timing and availability of external financing on acceptable terms; not
realizing on the potential benefits of the proposed transaction; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; and, delays in obtaining
governmental approvals or required financing or in the completion of activities. Although
Forbes Coal has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in accordance with applicable
securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Craig Wiggill
Executive Chairman and Interim CEO
Email: crwiggill@gmail.com
Sarah Williams
Chief Financial Officer
Chief Financial Officer
+27 11 656 3206
Email : swilliams@forbescoal.com
19 March 2014
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 19/03/2014 07:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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