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Caribbean Resources Corporation Announces Results of Special Meeting of Shareholders

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Toronto, Ontario–(Newsfile Corp. – March 31, 2016) – Caribbean Resources Corporation (TSXV: CRC) (the “Company”) is pleased to announce that the proposed consolidation (as previously announced on March 14, 2016) of the Company’s issued and outstanding common shares on the basis of one (1) new common share of the Company for two hundred and fifty thousand (250,000) existing common shares of the Company (the “Consolidation”), and the voluntary delisting of the Company’s common shares (the “Delisting”) from the TSX Venture Exchange (the “Exchange”) was approved by the Company’s shareholders at the special meeting of shareholders held on Thursday, March 31, 2016.

The Company has effected the Consolidation and Delisting and the common shares of the Company are expected to be delisted from the Exchange at the close of business on April 1, 2016.

About Caribbean Resources Corporation. (formerly Pacific Coal Resources Ltd.)

Caribbean Resources Corporation is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company’s common shares are listed on the TSX Venture Exchange and trade under the symbol “CRC“.

Forward-looking Cautionary Statements

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Caribbean Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Caribbean Resources Corporation disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither 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 news release.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Peter Volk, General Counsel and Secretary
Telephone: (416) 360-8725