Suntricity Corporation entered into a letter of intent to acquire Canada Coal Inc. (TSXV:CCK) from PowerOne Capital Markets Limited, Investment Arm, AlphaNorth Asset Management and other shareholders in a reverse merger transaction on November 16, 2014. Suntricity Corporation shareholders will own 70.3% stake in resulting issuer. Post acquisition, combined entity will continue to carry on the business of Suntricity. Canada Coal will change its name to Suntricity Holdings Inc. The current directors and officers of Canada Coal will resign and will be replaced with designates of Suntricity. The transaction is subject to completion of a private placement, the cancellation of existing Canada Coal options; and the resignation of current directors and officers of Canada Coal, TSX-V and regulatory approvals, approval by the shareholders of Canada Coal and Suntricity, completion of satisfactory due diligence and completion of definitive transaction agreement. Definitive Agreement will be executed by no later than January 15, 2015. The closing of the transaction is expected no later than February 27, 2015.

Suntricity Corporation cancelled the acquisition of Canada Coal Inc. (TSXV:CCK) from PowerOne Capital Markets Limited, Investment Arm, AlphaNorth Asset Management and other shareholders in a reverse merger transaction on March 9, 2015. The minimum funding condition has not been satisfied to-date and accordingly, Canada Coal will not be proceeding with the transaction.