Forbes Coal Urges Shareholders to Vote their BLUE Proxy by Thursday, September 13th at 10 am; Updates Location of Annual General Meeting
TORONTO, ONTARIO -- (Marketwire) -- 09/12/12 -- Forbes & Manhattan Coal Corp. (TSX: FMC)(JSE: FMC) today urged shareholders to vote their BLUE proxy for the management slate of board nominees before the deadline of 10am (Toronto time) on September 13, 2012.
Since acquiring the Magdalena and Aviemore mines in September 2010, the current management and directors have:
-- Increased saleable production by 74% by strategically expanding
production from both mines;
-- Positioned Forbes Coal for long-term export growth. We have expanded
export capacity by 960,000 tonnes and signed a three-year sales contract
with a leading energy trading company for 1.75 million tonnes of thermal
coal;
-- More than doubled revenue from $46 million in fiscal 2011 to $105
million in 2012;
-- Raised annual earnings before interest, taxes and depreciation (EBITDA)
by 65% to $27.3 million in fiscal 2012;
-- Improved social relations at both mines and dramatically reduced time
lost to injuries;
-- Raised over $75 million in equity and debt to acquire the assets and
expand operations;
-- Added research coverage from seven reputable brokerage firms in Canada
and South Africa; and
-- Listed Forbes Coal on the Toronto Stock Exchange and the Johannesburg
Stock Exchange.
Attention Forbes Coal Shareholders
Your vote is crucial, no matter how many shares you own.
You need to vote your BLUE proxy NOW to protect your investment in Forbes Coal.
The proxy deadline is 10am (Toronto time) on September 13, 2012.
If you have any questions about your vote, please contact Kingsdale Shareholder Services at 1-866-230-2635 toll free in North America or at (416) 867 2272 outside of North America (collect calls accepted) or by email at contactus@kingsdaleshareholder.com.
In addition to the request to shareholders to vote immediately, Forbes Coal also announced that the he Annual General Meeting is now scheduled to be held at:
Sheraton Centre Toronto,
123 Queen Street West, Toronto, Ontario
In the Simcoe/Dufferin Room located on the 2nd Floor of the hotel
For directions to the Sheraton Centre Toronto Hotel, please visit their website at http://www.sheratontoronto.com/.
About Forbes Coal:
Forbes Coal is a growing 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 holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. The mines have a substantial resource base and each mine has a projected life span in excess of 20 years. Forbes Coal is increasing production at both mines using existing infrastructure and capacity. The company has in-place transportation infrastructure allowing its coal to reach both export corridors and the growing domestic coal market. Forbes Coal has a strong balance sheet and 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 anticipated changes to corporate governance practices, projected future production and exports, future financial or operating performance of the Company and its projects and statements made with respect to prospects for the business of the Company. 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 the Company 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 the Company 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 forwardlooking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts:
Forbes & Manhattan Coal Corp.
Stephan Theron
President and Chief Executive Officer
(416) 861-5912
stheron@forbescoal.com
Forbes & Manhattan Coal Corp.
Colinda Parent
VP, Corporate Development
(416) 861-5811
cparent@forbesmanhattan.com
Kingsdale Communications Inc.
Bernard Simon
Vice-President
(416) 867-2304
bsimon@kingsdalecommunications.com
