Maudore Minerals Ltd.

Maudore Minerals Ltd.

March 02, 2015 08:43 ET

Maudore Announces Continuation of Proceedings Under the CCAA

TORONTO, ONTARIO--(Marketwired - March 2, 2015) - Maudore Minerals Ltd. ("Maudore" or the "Corporation") - (TSX VENTURE:MAO)(FRANKFURT:M6L) - announces that the Superior Court of the Province of Quebec has granted an order whereby its proposal to creditors initially filed under the Bankruptcy and Insolvency Act (the "BIA") has been continued under the Companies' Creditors Arrangement Act (the "CCAA"), with Samson Belair/Deloitte & Touche Inc. transitioning from its role as trustee under the BIA to the role of monitor under the CCAA. Maudore will continue in its efforts to restructure its debt within the framework of the CCAA. The initial 30-day stay period under the CCAA will expire on March 29, 2015 and may be renewed thereafter.

About Maudore Minerals Ltd.

Maudore is a Quebec-based junior gold company with more than 13 exploration projects. One of these projects is at an advanced stage of development with reported current and historical resources and mining.

Cautionary Statement Regarding Forward-Looking Statements

This release and other documents filed by the Corporation 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 Corporation, rulings of applicable judicial authorities having jurisdiction over the Corporation's insolvency proceedings, business and financing plans, business trends and future operating revenues. These statements are inherently uncertain and actual achievements of the Corporation 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 TSX Venture Exchange or from shareholders, failure to obtain any required financing, 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 Corporation'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

Contact Information

  • George Fowlie
    Chairman of the Board, Interim Chief Executive Officer and
    Interim Chief Financial Officer
    +1 416 587 9801