Palladon Ventures Ltd.: Luxor Capital Partners, LP, Realizes on Debt and Takes Majority Ownership Interest in Palladon Iron Corp
17 3월 2010 - 3:42AM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1). Palladon announces today the full
equitization of the Luxor Loans which amounted to US$40,557,000
including principal and interest. This negotiated equitization
comes as a result of Luxor Capital Partners, LP ("Luxor") realizing
on its security interest and provides for the full extinguishment
of Palladon debt owed to Luxor. Given the inability of the Company
to make payments of the foregoing amount when due, and in order to
avoid enforcement or foreclosure which could have resulted in the
transfer of ownership of all the Palladon Iron Corp. capital stock
to Luxor, Luxor has agreed to accept a 78.3% interest, in full
satisfaction of all amounts due under the loan agreements. Palladon
Ventures Ltd. will now own 21.7% of Palladon Iron Corporation.
Palladon CEO Dale Gilbert stated: "As a result of the TSX-V
ruling denying the Palladon - Luxor Letter Agreement of December 4,
2009, the Company was immediately in default on the Luxor Loans and
entered into a short term Standstill Agreement expiring March 15,
2010. Through last night the Company was searching for viable
financing alternatives to the executed equitization plan. Although
disappointed at the Company's inability to find an alternate source
to pay off the Luxor Loans, Palladon can now move forward as a debt
free enterprise working with Luxor to accomplish an off take
agreement and advance the concentrate plant process."
On Behalf of the Board of Directors,
Dale S. Gilbert, President and Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company and remains
focused on advancing the Iron Mountain Project, an iron ore mine
located west of Cedar City, Utah.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future, which
include the Company's continuing efforts to finance current
operations and further development of the Iron Mountain Project.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with mineral exploration and production, (3) a decreased demand for
minerals, (4) any number of events or causes which may delay or
cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labor problems; (5) the risk that the
Company does not execute its business plan, (6) inability to retain
key employees, (7) inability to finance operations and growth, (8)
other factors beyond the Company's control; and (9) the risk that
the Company will not be able to raise funds due to Luxor Capital
Group. These forward-looking statements are made as of the date of
this news release and, except as required by law, the Company
assumes no obligation to update these forward-looking statements,
or to update the reasons why actual results differed from those
projected in the forward-looking statements.
Contacts: Palladon Ventures Ltd. Dale S. Gilbert President &
CEO 801.521.5252 801.521.5454 (FAX) info@palladonventures.com
www.palladonventures.com
Palladon Ventures Ltd. (TSXV:PLL)
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Palladon Ventures Ltd. (TSXV:PLL)
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