Colonial Coal (TSX.V: CAD)
Following the slide in the company’s share price following the decision by B.C environmental authorities to decline the AE for Glencore’s Sukunka project, Colonial Coal have issued a clarifying news release.
The Sukunka decision has no effect on CAD’s B.C. projects.
.
.
.
Colonial Coal Flatbed map
.
.
.
| Colonial Coal | TSX.v : CAD |
| Stage | Exploration |
| Metals | Metallurgical coal |
| Market cap | C$184 m @ C$1.05 |
| Location | British Columbia, Canada |
Comment
Colonial Coal have been caught in a triple vortex of news all coming together that resulted in one spooked investor dumping 350,000 shares into the market in one go early Thursday morning, and hammering down the shareprice as a result.
This was amateur hour, and cost the seller severely as the price plunged, as buyers retreated as they saw the size of the volume on the ask.
The events that led up to this were the announcement by Tech that they have done a deal with Conuma in respect of their Peace River assets, when some thought Colonial may have been looking for that deal, the Sukunka licence denial announcement by Glencore, and of course the old favourite, Canadian tax loss selling.
Colonial could have taken any one of these events in it’s stride, maybe two, but all three at the same time? Sadly it spooked someone, and they panic sold without trying to place the stock first, or sell in small chunks, and that caused today’s price slump.
The price recovered from the 96 cent low to finish around CAD$1.10
Colonial Coal says projects unaffected by Sukunka EA
.
.
2022-12-22 15:10 ET – News Release
Shares issued 175,738,051
CAD Close 2022-12-21 C$ 1.38
Mr. Shane Austin reports;
COLONIAL COAL PROVIDES UPDATE
“Colonial Coal International Corp. has confirmed that, on the facts as presently known to the company and the market, the recent decision of the B.C. Environmental Assessment Office respecting an environmental assessment certificate for Glencore Canada’s Sukunka mine has no bearing whatsoever on Colonial Coal’s current coal projects and their further development”.
.
.
About Colonial Coal International Corp.
Colonial Coal is a publicly traded coal corporation in British Columbia that focuses primarily on coking coal projects.
The Northeast coal block of British Columbia, within which the corporation’s projects are located, hosts a number of proven deposits and has been the subject of merger and acquisition activities by Anglo-American and others.
We seek Safe Harbor.
.
.
=======
.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
=======
.
City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
Our audience is selected and invited individually to ensure interest and relevance for the presenting company.
Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.
If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com
.
=======
,
This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
.
.
Disclosure
At the time of writing the author holds shares in Colonial Coal.
.
.