CALGARY, June 13 /CNW/ - As previously stated in the press release dated
February 17, 2008, Piper Resources Ltd. ("Piper" or the "Company") was granted
protection under the Companies Creditors' Arrangement Act (Canada) ("CCAA") on
that date by an Initial Order from the Alberta Court of Queen's Bench (the
"Court") which stayed its creditors from enforcing their rights until March
17, 2008 and such protection was extended by subsequent court orders on March
17, 2008 and April 28, 2008. By court order on April 28, 2008 the CCAA
protection was extended to June 12, 2008.
As previously reported in the press release dated April 30, 2008, an
arrangement had been made with Matco Capital Ltd. ("Matco") to extend the stay
until June 12, at which time Matco may, at its option, complete a purchase of
the Piper assets for the outstanding Matco debt, or agree to an alternative
arrangement or transaction as proposed by Piper.
On June 12, 2008 Piper requested, and was granted, an extension of the
stay of proceedings contained in the Initial Order until July 15, 2008. The
stay extension gives Piper further time to present alternative arrangements or
transactions that are agreeable and acceptable to Matco.
While under CCAA protection, the Board of Directors maintains its usual
role and management of the Company remains responsible for the day to day
operations and continues to pursue financing alternatives, although there is
no assurance that additional capital will be available to the Company on
acceptable terms prior to July 15, 2008.
The materials filed to date in the CCAA proceedings are available on the
Monitor's website of www.deloitte.ca under the Insolvency and Restructuring
link (the "Website") or by contacting the Monitor directly at (403) 298-5999
or by email at email@example.com. The Third Monitor's Report will be available
soon on the Website or by contacting the Monitor directly.
Certain information regarding the Company contained herein may constitute
forward-looking statements. These statements relate to future events or future
performance of the Company. When used in this release, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", believe",
"estimate", "predict", "seek", "propose", "expect", "potential", "continue",
and similar expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties, and other
factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Such statements reflect
the Company's current view with respect to certain events, and are subject to
certain risks, uncertainties and assumptions. Many factors could cause the
Company's actual results, performance, or achievements to vary from those
described in this presentation. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this release as intended, planned, anticipated, believed,
estimated, or expected.
For further information:
For further information: Piper Resources Ltd., Greg Cave, President,
Tel: (403) 718-2301