Partnership provides Update on Atikwa Resources
TORONTO, Dec. 23, 2013 /CNW/ - Pathway 2010 GORR Limited Partnership
(the "Partnership") is pleased to report that at the special meeting of limited partners
(the "Meeting") held on December 20, 2013, it received approval by extraordinary
resolution from its limited partners to extend the term of the
Partnership to December 31, 2015 (the "Termination Date"). As a result of the Amendment, the Partnership will continue its
operations until no later than the new Termination Date. The new
Termination Date, along with certain other changes to the limited
partnership agreement, were described in the Partnership's information
circular for the Meeting dated November 29, 2013 and are reflected in
an amended and restated limited partnership agreement dated December
20, 2013 that has been filed on SEDAR at www.sedar.com. Within 30 days, the Partnership will also send copies of the amended
and restated limited partnership agreement dated December 20, 2013 to
its limited partners.
The General Partner also provided an update on the status of Atikwa
Resources Inc. ("Atikwa"). On December 18, 2013, Atikwa provided an
update regarding its efforts to restructure its outstanding secured
loan. The secured lender under the loan, who has security over all of
Atikwa's assets, set a court date for Thursday, December 19, 2013 to
make an application to appoint a receiver. On December 19, 2013, Atikwa
reported that the court proceedings were adjourned until December 20,
On December 22, 2013, Atikwa announced that the court adjourned the
receivership decision to the week of January 6th, 2014.
Although the General Partner believes that the well assets underlying
the GORR have value, the appointment of a receiver by the court would
further impair the Partnership's ability to recover from Atikwa. The
General Partner is actively engaged in efforts to maximize the
Partnership's recoveries from Atikwa.
Information on the Partnership can be obtained under the Partnership's
profile available on SEDAR at www.sedar.com or by contacting the General Partner by e-mail at email@example.com, or by telephone at (416) 777-7350 or toll free at 1-877-777-1541.
This press release contains forward-looking information and statements
relating, but not limited to, anticipated or prospective financial
performance and results of operations of the Partnership. Any
statements that are contained herein that are not statements of
historical fact may be deemed to be forward-looking information.
Without limiting the foregoing, the words "believes", "anticipates",
"plans", "intends", "will", "should", "expects", "projects", and
similar expressions are intended to identify forward-looking
The General Partner believes the forward-looking information herein is
reasonable, however, readers are cautioned not to place undue reliance
on such forward-looking information. Actual results may differ
materially from management expectations as projected in such
forward-looking statements for a variety of reasons including, but not
limited to, market and general economic conditions, interest rates,
regulatory and statutory developments, the effects of competition in
the geographic and business areas in which the Partnership may invest
and the risks detailed in the prospectus of the Partnership. We caution
that the foregoing list of factors is not exhaustive.
The forward-looking information is given as of the date of this press
release, and the General Partner undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise.
SOURCE: Pathway 2010 GORR Limited Partnership