Maudore Minerals provides an Update on its progress towards a revised Consensual Restructuring
MONTREAL, Jan. 20, 2014 /CNW Telbec/ – Further to its press release of
January 10, 2014, Maudore Minerals Ltd. (“Maudore” or the “Company”) (MAO: TSX-Venture; MAOMF: US OTCQX; M6L: Frankfurt Exchange) reports on its recent progress towards reaching a
revised consensual restructuring of debts owed to FBC Holdings S.A.R.L
As a result of the Company not closing its previously announced rights
offering, its cash position has been strained. FBC has therefore agreed
to provide the Company with bridge financing in the amount of $722,000
by allowing the Company to access funds that were previously deposited
in an interest escrow account established in favor of FBC. These
funds, together with Maudore’s existing funds, are expected to enable
Maudore to fund its operations during the negotiation of the revised
restructuring of its debts owed to FBC and its other major creditors.
The Company is optimistic that such negotiation will be successfully
concluded in a timely manner and that it will result in a more
permanent funding solution to the Company’s financing needs being put
into place; however, no assurances can be given regarding the timing or
the outcome of such negotiation process.
About Maudore Minerals Ltd.
Maudore is a Quebec based junior gold company with milling operations
and more than 22 exploration projects, of which five are at an advanced
stage toward development with reported current and historical
resources. The Company’s projects span some 120 kilometers, east-west,
of the underexplored Northern Volcanic Zone of the Abitibi Greenstone
Belt and cover a total area of 1570 km(2) with the Sleeping Giant Processing Facility within trucking distance of
key development projects.
Cautionary Statement Regarding Forward-Looking Statements
This release and other documents filed by the Company contain
forward-looking statements. All statements that are not clearly
historical in nature or that necessarily depend on future events are
forward-looking, and the words “intend”, “anticipate”, “believe”,
“expect”, “estimate”, “plan” and similar expressions are generally
intended to identify forward-looking statements. These forward-looking
statements include, without limitation, performance and achievements of
the Company, business and financing plans, business trends and future
operating revenues. These statements are inherently uncertain and
actual achievements of the Company or other future events or conditions
may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties and other factors,
including, without limitation, financial related risks, unstable gold
and metal prices, operational risks including those related to title,
significant uncertainty related to inferred mineral resources,
operational hazards, unexpected geological situations, unfavourable
mining conditions, changing regulations and governmental policies,
failure to obtain required permits and approvals from government
authorities, failure to obtain any required approvals of the TSXV or
from shareholders, failure to obtain any required financing, failure to
complete any of the transactions described herein, increased
competition from other companies many of which have greater financial
resources, dependence on key personnel and environmental risks and the
other risks described in the Company’s continuous disclosure documents.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Maudore Minerals Ltd.