Toronto Stock Exchange: VG
VANCOUVER, Feb. 18, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) announced today that the Board of Directors has appointed a
Restructuring Special Committee (the "Special Committee") to
investigate strategic alternatives and to plan the financial
restructuring of the Company. The Special Committee comprises François
Marland, Gerald Ruth and Dr. Barry Goodfield, and is chaired by Mr.
The Special Committee has engaged Raymond James & Associates, Inc.
("Raymond James") as its sole investment banking advisor. Raymond James
will provide the Special Committee with general restructuring advice
and will advise the Special Committee in its consideration of a variety
of potential business transactions. The catalyst for this new
initiative was the fire at the mill at the Company's Jerritt Canyon
Mine in Elko, Nevada, which shut down production for three weeks in
December, 2013. This production shut down led to the Company being in
default of its debt repayment obligations to Deutsche Bank AG, London
Branch (see the Company's news release dated January 29, 2014).
About Veris Gold Corp.
Veris Gold Corp. is a growing mid-tier North American gold producer in
the business of developing and operating gold mines in geo-politically
stable jurisdictions. The Company's primary assets are the permitted
and operating Jerritt Canyon processing plant and gold mines located 50
miles north of Elko, Nevada, USA. The Company's primary focus is on
the re-development of the Jerritt Canyon mining and processing plant.
The Company also holds a portfolio of precious metals properties in
British Columbia and the Yukon Territory, Canada, including the Ketza
About Raymond James
Raymond James, a New York Stock Exchange listed firm (RJF: NYSE) is one
of North America's largest full service investment banks offering
corporate finance services, institutional sales and trading and one of
the industries' largest system of financial advisors. Raymond James has
institutional expertise in the mining sector and significant experience
providing restructuring advisory services.
On behalf of
"VERIS GOLD CORP."
President and CEO
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The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. All material information may be
accessed at www.sedar.com.
Forward-Looking Statements This press release contains "forward-looking statements" and "forward
looking information" within the meaning of applicable securities laws.
All statements, other than statements of historical fact, including
without limitation, statements relating to plans for or intentions with
respect to the offering of Securities and the Company's use of proceeds
from the sale of the Units and Flow-Through Units are forward-looking
statements. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". By their nature,
forward-looking statements and information are based on assumptions and
involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements, or industry
results, to be materially different from future results, performance or
achievements expressed or implied by such forward-looking information.
Such risks, uncertainties and other factors include among other things
the following: the Company's ability to engage underwriters, dealers or
agents on terms and conditions deemed reasonable by the Company; the
need to satisfy regulatory and legal requirements with respect to any
offerings; gold price volatility; discrepancies between actual and
estimated production and mineral reserves and resources; the
speculative nature of gold exploration; mining operational and
development risk; and regulatory risks. See our Annual Information Form
for additional information on risks, uncertainties and other related
factors. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
SOURCE: Veris Gold Corp.
For further information:
Veris Gold Corp.
Joanne C. Jobin
VP, Investor Relations
T: (647) 964-0292
NA Toll Free: 1-855-688-9427
Veris Gold Corp.
Investor Relations Manager
T: (604) 688-9427 ext 224
NA Toll Free: 1-855-688-9427