TORONTO, July 2, 2013 /CNW/ - Starfield Resources Inc. (TSX:SRU) ("Starfield" or the "Company") announced today that it is
deemed to have made an assignment in bankruptcy, effective at the close
of business on June 28, 2013, for failure to file a proposal before the
time for doing so has passed pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). The Company also announced that all of the
directors of the Company and its subsidiaries have resigned effective
as at the close of business on June 28, 2013.
As previously announced, Starfield filed a notice of intention to make a
proposal ("Notice of Intention") pursuant to the provisions of Part III
of the BIA. Pursuant to the Notice of Intention, PricewaterhouseCoopers
Inc. ("PWC") was appointed as the trustee ("Proposal Trustee") in the
Company's proposal proceedings. Pursuant to an order of the Ontario
Superior Court of Justice (Commercial List), the time for the Company
to file a proposal expired at the end of the day on June 28, 2013.
The Company completed a sale of substantially all of its assets related
to its Ferguson Lake project earlier last month. In consultation with
the Proposal Trustee, the Company determined that it would not be able
to put forward a viable proposal and would not be filing a proposal by
the deadline. As a result, Starfield is deemed to have made an
assignment in bankruptcy at the end of the day on June 28, 2013, and
PWC will be the trustee in bankruptcy of the Company.
The Company's subsidiary, Nevoro Copper Inc., also completed a sale of
substantially all of its assets related to its Superior project outside
of the proposal proceedings earlier last month.
This news release may contain certain information that constitutes
forward-looking statements including delisting on the TSX, listing
opportunities on the TSX Venture Exchange or NEX and the outcome of the
assessment of strategic options. Forward-looking statements are based
on the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the ability to meet TSX listing requirements
within the specified time frame, success of completing any strategic
option, the inherent risks involved in the exploration and development
of mineral properties, the uncertainties involved in interpreting
drilling results and other geological data, fluctuating metal prices
and other factors described above and in the Company's most recent
annual information form under the heading "Risk Factors" which has been
filed electronically by means of the Canadian Securities
Administrators' website located at www.sedar.com. The Company disclaims
any obligation to update or revise any forward-looking statements if
circumstances or management's estimates or opinions should change
except where required by law. The reader is cautioned not to place
undue reliance on forward-looking statements.
SOURCE: Starfield Resources Inc.