Maudore Minerals provides an Update on its progress towards a revised Consensual Restructuring
MONTREAL, Jan. 20, 2014 /CNW Telbec/ - Further to its press release of January 10, 2014, Maudore Minerals Ltd. ("Maudore" or the "Company") (MAO: TSX-Venture; MAOMF: US OTCQX; M6L: Frankfurt Exchange) reports on its recent progress towards reaching a revised consensual restructuring of debts owed to FBC Holdings S.A.R.L ("FBC").
As a result of the Company not closing its previously announced rights offering, its cash position has been strained. FBC has therefore agreed to provide the Company with bridge financing in the amount of $722,000 by allowing the Company to access funds that were previously deposited in an interest escrow account established in favor of FBC. These funds, together with Maudore's existing funds, are expected to enable Maudore to fund its operations during the negotiation of the revised restructuring of its debts owed to FBC and its other major creditors. The Company is optimistic that such negotiation will be successfully concluded in a timely manner and that it will result in a more permanent funding solution to the Company's financing needs being put into place; however, no assurances can be given regarding the timing or the outcome of such negotiation process.
About Maudore Minerals Ltd.
Maudore is a Quebec based junior gold company with milling operations and more than 22 exploration projects, of which five are at an advanced stage toward development with reported current and historical resources. The Company's projects span some 120 kilometers, east-west, of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 1570 km2 with the Sleeping Giant Processing Facility within trucking distance of key development projects.
Cautionary Statement Regarding Forward-Looking Statements
This release and other documents filed by the Company contain forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "intend", "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, performance and achievements of the Company, business and financing plans, business trends and future operating revenues. These statements are inherently uncertain and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, financial related risks, unstable gold and metal prices, operational risks including those related to title, significant uncertainty related to inferred mineral resources, operational hazards, unexpected geological situations, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approvals from government authorities, failure to obtain any required approvals of the TSXV or from shareholders, failure to obtain any required financing, failure to complete any of the transactions described herein, increased competition from other companies many of which have greater financial resources, dependence on key personnel and environmental risks and the other risks described in the Company's continuous disclosure documents.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Maudore Minerals Ltd.For further information:
President and CEO
+1 647 927 0239
Deputy Chairman of the Board and Director of Corporate Development
+1 416 587 9801
Chief Financial Officer
+1 819 825 4343