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EastCoal unable to complete change-of-business deal

EastCoalInc. said May 2 that it was unable to complete the previouslyannounced deal with Maritime Iron Inc. and subsequent change in the company'sbusiness, but did not disclose further details.

The company announced the deal, along with the plan tochange its businessfrom resource company to investment issuer, in September 2015 and was supposedto acquire 26% of Maritime Iron's share capital for C$4 million.

EastCoal said it still continues to explore the possibilityof a future cooperation or investment with Maritime Iron, but no formalarrangement is currently in place between the parties and there can be noguarantee that a transaction will ensue.

EastCoal has applied for the TSX Venture Exchange and theNEX board to lift the trading halt on the company's securities.