TORONTO, Feb. 21 /CNW/ - First Metals Inc (NEX: FMA.H) (the "Corporation") announced today that pursuant to its ongoing restructuring process
that it has executed an agreement for the disposition of certain of its
heavy equipment for total cash proceeds of $1,100,000. The completion
of the sale, which is to be made through a receiver being appointed by
the Corporation's secured creditors, is expected to close upon
completion of certain regulatory procedures in the Province of Quebec
associated with the restructuring process.
First Metals Inc. is a resource company with two main Zinc-Copper
deposits, Fabie Bay and Magusi River. Fabie Bay was producing until
December 2008 when production was suspended. The company filed a
proposal under Part III of the Bankruptcy and Insolvency Act in April
2009. The company received approval for is proposal under Part III of
the Bankruptcy and Insolvency Act in June 2009.
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the
Corporation's future intentions, plans, objectives or goals, including
words to the effect that the Corporation or management expects a stated
condition or result to occur. Since forward-looking statements address
future events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results in each case could
differ materially from those currently anticipated in such statements.
SOURCE First Metals Inc.
For further information:
Michael Churchill, President and CEO, at (416) 594-3223