ENP Newswire -
Release date- 22082014 -
The Company is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered private placement financing of units of the Company (each, a 'Unit') at a price of
Each Unit will consist of one common share of the Company (each, a 'Share') and one non-transferable share purchase warrant (each, a 'Warrant'). Each Warrant will entitle the holder to purchase one additional Share at a price of
The Company expects that the proceeds from the Financing will be used to secure applicable operating and environmental permits, to commence exploration and geotechnical drilling programs at the Company's Tac and Corak and adjacent properties, and for general working capital purposes. Finders' fees may be payable in connection with the Financing in accordance with applicable regulatory policies.
Cease Trade Order Revocations
The CTOs were issued in connection with the Company's failure to file its financial statements, management's discussion and analysis, annual information form and related certifications for the year ended
Since the appointment of new management ('Management') at the Company's Special Meeting of Shareholders held on
Continuous and Technical Disclosure Reviews
The results of the Disclosure Reviews indicated several historical instances of non-compliant disclosure, including the Company's technical report dated
Management worked with the technical department of the BCSC to remedy all non-compliant disclosure pertaining to the 43-101 Report and, on
Development on the Concessions
The Company is pleased to report that Management has now stabilized its operations in
Management has been successful in regaining the trust of both the Turkish Staff and the Company's Turkish partner, who, together with the Company's Management, have developed an 18-month work program for the Tac and Corak concessions intended to ensure all tenements remain in good standing and commence further development on the assets (the 'Concession Plan'). The Company expects that funds for the Concession Plan will be partially provided by the proceeds of the Financing.
Changes in Management
The Company is pleased to announce the appointment of
Application for Migration to the
The Company has applied to the
The following is a summary of the Company's progress related to the application for the TSX-V Listing:
The TSX granted an initial Delisting Extension to
Following the completion of the Disclosure Reviews, and after receiving the final CTO revocation from the OSC, the TSX granted the Company an additional Delisting Extension to
The CTO revocations and the successful completion of the Disclosure Reviews mark significant milestones in the Company's pursuit to return to good standing since the
In the event a further Delisting Extension is not granted, the Company intends to remain committed to closing the Financing and completing the TSX-V Listing.
Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations, and include statements with respect to: (i) the proposed Financing and the use of proceeds thereof; (ii) the Concession Plan and other statements with respect to the Company's planned operations and (iii) the application for the Delisting Extension and the TSX-V Listing.
Such statements are qualified in their entirety by the inherent risks and uncertainties which may prevent the Company from achieving such plans and objectives, including: (i) that the Company may be unable to complete the Financing, including the closing of any subscription agreements received as of the date of this news release; (ii) that the Company may be unable to proceed with the Concession Plan due to risks and uncertainties associated with operations in
Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Tel: + (604) 669-3397
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