| ||July 27, 2010|
CanAm Adds New Board Member and Appoints Chairman of the Board
| ||Calgary, AB, July 27, 2010 -- CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") is pleased to announce the appointment of Jonathan (Jon) Legg to the Board of Directors. Mr. Legg will also take on the role of Chairman of the Board. Jon was previously a director of the Company but due to matters of conflict of interest he had to resign shortly into his term as a director.|
"We are extremely pleased to have Jon rejoin our team. Jonathan Legg brings significant skill and experience to our Board and, in particular his financial background and experience in the United States will be an important asset to the company as CanAm continues to evolve into an emerging coal producing company. Jon will also play an important role in our ongoing restructuring of the leadership team, both at the management and board level, as we transform the Company from an exploration/development type enterprise to a producing company" said Tim Bergen.
Mr. Legg is a senior corporate executive and an experienced corporate director with over 30 years of experience in management, corporate transformation and financial restructuring in both Canada and the United States. Mr. Legg is currently the National Managing Director of PricewaterhouseCooper's (PwC) Advisory Practice and provides corporations with advice in the areas of Strategy, Risk Management, Business Model Innovation, Operating Effectiveness, Restructuring and Corporate Governance. Prior to joining PwC, Jonathan held various senior leadership positions with Canadian Pacific Railway (CP) and Royal Bank of Canada (RBC). With CP, he was Head of Strategic Initiatives and a Member of the Executive Committee with responsibilities for various performance improvement initiatives. Prior to joining CP, Jon had a distinguished career with Royal Bank of Canada (RBC) where, over a period of 25 years, he worked in leadership positions in both the United States and Canada. In the United States, he was Chief Executive Officer of RBC Mortgage and President and Chief Operating Officer of RBC Centura Banks Inc. Prior to moving to the United States, Jon was Senior Vice President, Operations & Service Delivery, RBC Banking North America.
Mr. Legg has been issued 150,000 stock options with an exercise price of $0.10 The options, issued in accordance with CanAm's stock option plan, are valid for 5 years and vest as to 1/6 of the options issued at the end of each successive three month period from the date of issuance such that the options are fully vested 18 months from the date of issuance. CanAm has determined that exemptions from the various TSXV requirements are available for the grant of options.
About CanAm Coal Corp.
CanAm is a coal producing and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its 49% owned Alabama coal mine operations, the exclusive rights to a proprietary Coal to Liquids technology which converts coal into liquid fuels (such as oil, jet fuel) at an economical cost with zero airborne emissions and the Buick Coal Project which holds significant coal resources, 188 million tons of indicated and 103 million tons of inferred coal resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
For Further Information:
Corporate Head Office:
Timothy J. Bergen, President
Toll Free: 1.877.262.5888
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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