Pro-Trans Ventures Inc.
TSX VENTURE : PVI

Pro-Trans Ventures Inc.

June 10, 2014 16:52 ET

Pro-Trans Announces the Resignation of All of Its Officers and Directors

CALGARY, ALBERTA--(Marketwired - June 10, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Pro-Trans Ventures Inc. (the "Company") (TSX VENTURE:PVI) announces that all of the remaining officers and directors of the Company have resigned, effective immediately.

As outlined in the Company's news release dated May 21, 2014 and in the Company's financial statements and MD&A for the three months ended March 31, 2014, the Company has been unable to pay the amounts owing to the lender (the "Lender") under the Company's $5,000,000 secured convertible debenture loan and has received notice of default under that loan. As the Company will not be able to cure the default, the board of directors has agreed with the Lender to accelerate the enforcement of its security and the Company has delivered to the Lender all of the outstanding shares of the Company's wholly owned subsidiary Maple Leaf Loading Ltd. ("Maple Leaf") in order to provide for an orderly transition of management and operations of Maple Leaf. The Lender has agreed that the acceleration of the enforcement of its security was in full satisfaction of the Lender's debt and has agreed to assume the majority of the Company's current liabilities.

As the business of Maple Leaf represented the only operations of the Company, now that the foreclosure is complete and all of the shares of Maple Leaf are owned by the Lender, the Company no longer has any operations.

Neither the 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 release.

Contact Information

  • Borden Ladner Gervais LLP
    Scott Cedergren
    (403) 232-9618