SASKATOON, July 3, 2015 /CNW/ - Great Western Minerals Group
Ltd. (the "Company" or "GWMG") (TSX VENTURE: GWG) (OTCQX: GWMGF)
announced today that, on a motion by the Ad Hoc Committee of
holders of the Company's US$90
million 8.00 percent Secured Convertible Bonds due 2017, the
Ontario Superior Court of Justice – Commercial List (the "Court")
today granted an order (the "Order") expanding the powers and
duties of PricewaterhouseCoopers Inc., the Court-appointed monitor
(the "Monitor") in the Company's proceedings under the
Companies' Creditors Arrangement Act (Canada) ("CCAA") to, inter alia, pursue the
ongoing Sale or Investor Solicitation Process ("SISP") and
otherwise perform such other functions or duties, on behalf of the
Company, as the Monitor considers necessary or desirable in order
to facilitate or assist the Company in dealing with its operations,
property or other activities. The Order also extended the
stay of proceedings and the "Outside Date" for completion of the
SISP to July 13, 2015.
The Company further announced today the resignation of Mr.
K. Marc LeVier as President and
Chief Executive Officer of the Company, effective immediately, and
that the members of the Board of Directors have resigned effective
immediately. Under its expanded powers, the Monitor will have the
ability to act on behalf of GWMG to move forward with the SISP and
complete any related transactions.
About GWMG
Great Western Minerals Group Ltd. is a manufacturer and supplier
of rare earth element–based metal alloys. The Company routinely
posts news and other information on its website at www.gwmg.ca.
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.
Cautionary Statements
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements
(often, but not always, identified by the use of words such as
"expect", "may", "could", "anticipate" or "will" and similar
expressions (including negative and grammatical variations)) may
describe expectations, opinions or guidance that are not statements
of fact and which may be based upon information provided by third
parties. Certain forward-looking statements in this News Release
relate to completion of the SISP. Forward-looking statements are
based upon the opinions, expectations and estimates of management
of GWMG as at the date the statements are made and are subject to a
variety of known and unknown risks and uncertainties and other
factors that could cause actual events or outcomes to differ
materially from those anticipated or implied by such
forward-looking statements. Those factors include, but are not
limited to; the adequacy of the Company's financial resources,
including the availability of additional cash from operations or
from financing on reasonable terms or at all; the assumptions and
estimates in the Feasibility Study of the SKK Project proving to be
accurate over time; the construction, commissioning and operation
of the proposed monazite processing facility within estimated
parameters; mine refurbishment activities; reliance on third
parties to meet projected timelines and commencement of production
at the SKK Project; reliance on successful negotiations with third
parties to enter into a tolling arrangement to separate mixed rare
earth materials; risks related to the receipt of all required
approvals including those relating to the commencement of
production at the SKK Project; delays in obtaining permits,
licenses and operating authorities in Canada, South
Africa and the United
Kingdom; environmental matters; water and land use risks;
risks associated with the industry in general; commodity prices and
exchange rate changes; operational risks associated with
exploration, development and production operations; delays or
changes in plans, including those estimated in the Feasibility
Study of the SKK Project; risks associated with the uncertainty of
resource and reserve estimates; health and safety risks;
uncertainty of estimates and projections of production, costs and
expenses; risks that future SKK Project and region exploration
results may not meet exploration or corporate objectives; political
risks inherent in South Africa;
risks associated with the relationship between GWMG and/or its
subsidiaries and communities and governments in Canada and South
Africa; radioactivity and related issues; dependence on one
mineral project; loss of, and the inability to attract, key
personnel; the factors discussed in the Company's public disclosure
record; and other factors that could cause actions, events or
results not to be as anticipated. In light of the risks and
uncertainties associated with forward-looking statements, readers
are cautioned not to place undue reliance upon forward-looking
information. Although GWMG believes that the expectations reflected
in the forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
Except as required by law, GWMG does not assume any obligation to
update forward looking statements as set out in this news release.
The forward-looking statements of GWMG contained in this News
Release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement and the
risk factors contained in GWMG's Annual Information Form available
under the Company's profile at www.sedar.com.
SOURCE Great Western Minerals Group