CALGARY, ALBERTA--(Marketwire - March 21, 2012) - Further to a press release dated March 13, 2012, CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") is pleased to announce that it has completed the non-brokered private placement of 900,000 units at a price of $0.17 per unit for gross proceeds of $153,000. Each unit consists of one common share and one half common share purchase warrant. Each warrant is exercisable at $0.22 per common share for a period of two years from closing. This private placement was fully subscribed for by Mr. Scott Bolton, who has been appointed Chief Financial Officer of the Company, and by Mr. Timothy Nakaska, a director of the Company. All of the securities issued in connection with the private placement are subject to a four month and one day hold period (until July 22, 2012).

Proceeds of the private placement will be used for general operating purposes. The completion of the private placement is subject to final TSX Venture Exchange approval. CanAm has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units to Mr. Nakaska and Mr. Bolton (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).

About CanAm Coal Corp.

CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at [ www.sedar.com ]. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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