THETFORD MINES, QC, May 6, 2025 /CNW/ - Asbestos Corporation Limited ("ACL" or the "Company") (TSXV: AB.H) and its parent company, Mazarin Inc. (TSXV: MAZ.H) announced today that an order (the "Initial Order") from the Superior Court of Québec (Commercial Division) (the "Court") has been sought by a third party to grant ACL protection under the Companies' Creditors Arrangement Act (the "CCAA"). The Company intends to support the application. It is expected that Raymond Chabot Inc. would be appointed pursuant to the Initial Order as monitor of ACL (in such capacity, the "Monitor") in order to assist the Company with its restructuring efforts and to report to the Court.
The Initial Order would provide for, among other things, a stay of proceedings in favour of ACL, including a stay of creditor claims, litigation pending against the Company, and of the exercise of contractual rights against the Company, as well as the authorization of Raymond Chabot Inc. to act as foreign representative in recognition proceedings in the United States under the relevant provisions of the United States' applicable laws.
The Company will make an announcement once the Court has made a determination in respect of the application for the Initial Order.
A copy of the Initial Order, if granted by the Court, will be available, along with additional information in respect of the CCAA proceedings, on the Monitor's website. Readers are urged to consult the full text of all of these documents for further, more detailed, information. Further news releases will be provided for during the CCAA proceedings as required by law and applicable securities regulations, or as otherwise may be determined necessary by the Company or the Court. Documents relating to the restructuring process, such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website at https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/.
The Company will notify the TSX Venture Exchange (the "TSXV") of the foregoing and expects that, if the Initial Order is granted, its common shares and securities will cease trading on the TSXV upon such date that the TSXV determines. The Company expects to cease reporting as a public reporting issuer. The granting of the Initial Order will not affect Mazarin Inc.`s status a listed company or reporting public issuer.
Mazarin Inc. and Asbestos Corporation Limited are two natural resource companies whose focus is on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Mazarin's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol MAZ.H. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H.
Forward-Looking Information and Statements
This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's or Mazarin`s control. These factors include general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Company's or Mazarin`s filings with Canadian Securities Administrators.
Forward-looking statements are based on the expectations and opinions of the Company's or Mazarin`s management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Neither the Company nor Mazain undertakes any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither 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.
SOURCE Société Asbestos Ltée
For further information about ACL and the CCAA proceedings, please contact M. Guy Bérard, President at the following email address: [email protected]
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