CALGARY, Dec. 2 /CNW/ - Lakota Resources Inc. ("Lakota" or the "Company") is pleased to announce that it has fulfilled all of its obligations in the Company's restructuring under the proposal provisions of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). On October 8, 2009, A. Farber & Partners Inc. ("Farber"), the Company's proposal trustee, issued a Certificate of Full Performance On Proposal to certify that Lakota had, as of that date, fully satisfied all of its requirements in the restructuring proceedings under the BIA. Following that date, Farber has been engaged in dealing with the Company's creditors, and, recently, has made significant distributions to all Lakota creditors with proven claims in the BIA restructuring.
Paul Conroy, President and Chief Executive Officer of Lakota, stated: "We are happy to put the restructuring chapter behind us and look forward seeing the Company returned to health. We wish to thank all of the stakeholders who stood by the Company through the restructuring proceedings."
Going forward, Lakota will focus on assessing the status of its operations in Tanzania and Canada, seeking sources of additional financing, bringing itself into compliance with its public company reporting obligations (including the completion of outstanding financial statements) and working to remove the cease trade order to which the Company is subject.
The Company intends to review opportunities to obtain a listing on a stock exchange as soon as it is able to complete additional funding and remedy its current filing deficiencies.
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Lakota. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Lakota assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
SOURCE LAKOTA RESOURCES INC.
For further information: For further information: regarding the Company please contact Mr. Paul Conroy, (403) 237-6150