Redcorp Ventures Ltd.

Redcorp Ventures Ltd.

March 30, 2009 09:00 ET

Redcorp Announces Filing of Financial Statements Delayed by CCAA Restructuring

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Redcorp Ventures Ltd. ("Redcorp") (TSX:RDV) obtained an order on March 4, 2009 to commence Redcorp's restructuring under the Companies' Creditors Arrangement Act ("CCAA").

Further to its release of March 27, 2009, Redcorp today announced that pursuant to the Extension Order of the British Columbia Supreme Court made March 27, 2009, Redcorp has been granted relief from certain securities and regulatory filing requirements that Redcorp would otherwise be subject to as a reporting and listed company, in order to facilitate the restructuring plan.

As a result of the CCAA process, Redcorp will be unable to file, by March 31, 2009, its audited consolidated financial statements for the fiscal year ended December 31, 2008 and related documentation such as management's discussion and analysis and the annual information form (the "Annual Filings"), as required by the securities legislation applicable in the provinces in which Redcorp is a reporting issuer.

Redcorp also anticipates that it will be unable to file, by May 15, 2009, its similarly required interim financial statements for the three month period ended March 31, 2009 and related documentation, such as management's discussion and analysis (the "Interim Filings").

The preparation and filing of the Annual Filings and the Interim Filings have been delayed as the result of Redcorp's restructuring activities under the CCAA.

It is anticipated that Redcorp will be able to file the Annual Filings and Interim Filings after the completion of its restructuring process. At this time, it is estimated that Redcorp will emerge from its restructuring process by mid-2009.

By not making the Annual Filings and the Interim Filings by March 31, 2009 and May 15, 2009, respectively, Redcorp will be in default of its filing requirements and will be listed on the defaulting issuers list maintained by certain securities regulatory authorities in Canada. However, pursuant to the March 27, 2009 Court Order the securities regulatory authorities in Canada will not impose a cease trade order against Redcorp during the time it is subject to the CCAA stay order of the Supreme Court of British Columbia nor will the Toronto Stock Exchange suspend the trading in its securities or take steps to delist Redcorp's securities.

In accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, Redcorp intends to satisfy the provisions of the alternative information guidelines while it remains in default of its financial statement filing requirements. Redcorp also intends to disclose the same information that it provides to its creditors in the manner in which it would a material change.

Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on our website at and at Redfern's website at


Terence Chandler, President and CEO

Certain of the statements made and information contained herein may contain "forward-looking information" within the meaning of the British Columbia Securities Act, Alberta Securities Act and Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including, without limitation, statements concerning the Company's plans at its Tulsequah Project and other mineral properties and the Company's revised economic evaluation of the Tulsequah Project, which involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control which may cause the actual results, performance or achievements of the Company, or industry results and/or consensus metal prices, to be materially different from any future results, metal prices, performance or achievements expressed or implied by such forward-looking information or forward-looking statements.
Forward-looking information and forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information or forward-looking statements, including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, risks that refinancing efforts when required and on acceptable terms will be successful while under Court protection pursuant to the Companies' Creditors Arrangement Act (Canada), risks relating to the inability to achieve the conditions required to receive the funding initially contemplated by the Company's gold sale agreement or its MRI contingent loan facility, risks related to the ability to secure capital leasing arrangements for the purchase of mining equipment on suitable terms, if at all, risks concerning the ultimate recovery of the Company's investment in new long-term Asset-Backed Commercial Paper Notes ("ABCP") that were issued on January 21, 2009 and which have been provided as security in exchange for a term bank loan, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents, equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NI 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, the fact that the 2007 Feasibility Study is based upon probable mineral reserves and not proven mineral reserves, expectations and beliefs of management and other risks and uncertainties, including those described under "Risk Factors" in the Annual Information Form of the Company filed on SEDAR on March 31, 2008, and in each subsequent management's discussion and analysis.
Forward-looking information and forward-looking statements for time periods subsequent to 2008 involve longer term assumptions and estimates than forward-looking information and forward-looking statements for 2008 and are consequently subject to greater uncertainty. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information or forward-looking statements. When used herein, the words "anticipate", "believe", "estimate" and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking information or forward-looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise.

News Release 09-08

Contact Information

  • Redcorp Ventures Ltd.
    Troy Winsor
    Manager of Investor Relations
    1-888-225-9662 or (604) 466-8934