Canada Coal Announces Proposed Business Combination With Suntricity Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2014) - Canada Coal Inc. (the "Company" or "Canada Coal"), (TSX VENTURE:CCK) is pleased to announce that it has entered into a non-binding letter of intent dated November 16^th, 2014 (the "LOI") with Suntricity Corporation ("Suntricity"), a manufacturer of solar modules, in respect of a transaction pursuant to which Suntricity and its shareholders will complete a business combination with Canada Coal (the "Transaction") whereby the shareholders of Suntricity will become shareholders of the combined entity (the "Resulting Issuer"). Upon completion of the Transaction, the Resulting Issuer will continue to carry on the business of Suntricity as currently constituted. The Transaction is an arm's length transaction and will constitute a reverse takeover of Canada Coal by Suntricity pursuant to TSX Venture Exchange ("TSX-V") Policy 5.2 - Change of Business and Reverse Takeovers.

Suntricity, a company incorporated under the laws of the State of Nevada in January 2010, is a manufacturer of low cost, high-efficiency photovoltaics modules, which convert sunlight directly to electricity. Photovoltaics modules continue to be the largest component of solar market growth in the world. Through the use of patented, reactive inks and traditional manufacturing, Suntricity intends to commercialize the next generation of solar modules to enable massive scalability and bring solar generated energy to 'grid parity' - the price point at which solar energy competes directly with electricity generated from fossil fuels. Suntricity has a contractual relationship with Kodak's functional printing organization for printing on prototype and production coating machines in Rochester, New York. Suntricity also has a Cooperative Research and Development agreement with the National Renewable Energy Laboratory in Golden, Colorado. Each of Roger Roberts of Newport Beach, California and Bill Brownrigg of Sechelt, British Columbia is a "Control Person" of Suntricity within the meaning of the policies of the TSX-V.

Pursuant to the LOI, Canada Coal and Suntricity have agreed, subject to certain standard conditions, to the following terms:

1. Suntricity will complete a private placement of a minimum of 4,000,000 shares at a price of US$1.25 per share for gross proceeds of a minimum of US$5 million (the "Minimum Private Placement").
   
   
2. Assuming the completion of the Minimum Private Placement, Canada Coal will consolidate its outstanding common shares on a 1 for 20 basis.