TORONTO, April 21, 2014 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") announces that it has obtained an order from the Ontario Superior
Court of Justice (Commercial List) extending the period of the
Court-ordered stay of proceedings against Jaguar and its subsidiaries
under the Companies' Creditors Arrangement Act (the "CCAA") until April 25, 2014.
The Company also announces that it has reached an agreement with holders
of the Company's 4.5% Senior Unsecured Convertible Notes due November
1, 2014 and 5.5% Senior Unsecured Convertible Notes due March 31, 2016
(collectively, the "Noteholders") to extend the outside date for implementation of the Amended and
Restated Plan of Compromise and Arrangement dated February 5, 2014 (as
amended, the "Plan") to April 25, 2014. The outside date under each of the Support
Agreement and the Backstop Agreement, each dated as of November 13,
2013, as amended, between the Company, its subsidiaries and the
Noteholders party thereto, was similarly extended to April 25, 2014.
Assuming satisfaction or waiver of the conditions within the expected
time frames, the Company anticipates implementing the Plan on or around
April 22, 2014.
All inquiries regarding the CCAA proceedings should be directed to the
Monitor, FTI Consulting Canada Inc., via e-mail at: firstname.lastname@example.org or telephone: (416) 649-8044 or 1 (855) 754-5840. Information about the
CCAA proceedings, including copies of all court orders and the
Monitor's reports, are available at the Monitor's website http://cfcanada.fticonsulting.com/jaguar.
Certain statements in this press release constitute "Forward-Looking
Statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
legislation. These Forward-Looking Statements include, but are not
limited to, statements concerning the Company's ability to implement
the Plan. Forward-Looking Statements can be identified by the use of
words such as "are expected", "is forecast", "is targeted",
"approximately" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", or "will" be taken, occur or be achieved. Forward-Looking
Statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results or performance to be
materially different from any future results or performance expressed
or implied by the Forward-Looking Statements.
These Forward-Looking Statements represent the Company's views as of the
date of this press release. The Company anticipates that subsequent
events and developments may cause the Company's views to change.
Factors which could cause results or events to differ from current
expectations include, among other things: Jaguar's ability to complete
the Plan in the time period contemplated, if at all, which is dependent
on its ability to comply with the closing conditions to the Plan;
actions taken by the Company's noteholders, lenders, creditors,
shareholders, and other stakeholders to enforce their rights; actions
taken against the Company by governmental agencies and securities and
other regulators; actions taken by the Monitor; and other factors not
currently viewed as material that could cause actual results to differ
materially from those described in the Forward-Looking Statements.
The Company does not undertake to update any Forward-Looking Statements,
either written or oral, that may be made from time to time by or on
behalf of the Company subsequent to the date of this discussion except
as required by law. For a discussion of important factors affecting the
Company, including fluctuations in the price of gold and exchange
rates, uncertainty in the calculation of mineral resources,
competition, uncertainty concerning geological conditions and
governmental regulations and assumptions underlying the Company's
forward-looking statements, see the "CAUTIONARY NOTE REGARDING FORWARD
LOOKING STATEMENTS" and "RISK FACTORS" in the Company's Annual
Information Form for the year ended December 31, 2013 filed on SEDAR
and available at http://www.sedar.com.
The securities to be offered in connection with the CCAA proceedings and
under the Plan have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws of the United States and, unless so
registered, may not be offered or sold in the United States, except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state
securities laws of the United States. It is contemplated that the
securities will be issued pursuant to one or more exemptions from the
Securities Act. This announcement shall not constitute an offer to sell
or the solicitation of an offer to buy the securities nor shall there
be any sale of the securities in any state of the United States in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
About Jaguar Mining Inc.
Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais and owns the Gurupi
Project in Northeastern Brazil in the state of Maranhão. The Company
also owns additional mineral resources at its approximate
210,000-hectare land base in Brazil. Additional information is
available on the Company's website at www.jaguarmining.com.
SOURCE: Jaguar Mining Inc.
For further information:
Chief Financial Officer