Toronto Stock Exchange: VG
VANCOUVER, Feb. 24, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) announced on February 18 the appointment of a Restructuring Special
Committee (the "Special Committee") to investigate strategic
alternatives and to plan the financial restructuring of the Company.
The Special Committee is chaired by François Marland, President and
CEO, and the other members are independent directors Gerald Ruth and
Dr. Barry Goodfield.
The Special Committee announced that it had retained Raymond James &
Associates, Inc. as its sole investment banking advisor to provide
financial advice to the Special Committee concerning a variety of
potential business transactions that may be undertaken in the course of
the financial restructuring of the Company. Raymond James is one of
North America's largest full service investment banks offering
corporate finance services, institutional sales and trading and retains
one of the industries' largest systems of financial advisors. Raymond
James has institutional expertise in the mining sector and significant
experience providing restructuring advisory services.
The catalyst for this new initiative was the Company falling into
default of its debt repayment obligations to Deutsche Bank AG ("DB"),
London Branch (news release dated January 29, 2014) due to a fire at
the mill at the Company's Jerritt Canyon Mine in Elko, Nevada, which
consequently caused a temporary production shut down in December, 2013.
Francois Marland, President and CEO of Veris Gold stated, "We are very pleased to be working with Raymond James, a well-known and
highly-respected full service international investment bank. The fire
at Jerritt Canyon in December placed the Company in a difficult
financial position. However, the Management Team, the Board of
Directors and the newly formed Restructuring Special Committee are
dedicated to ensuring that the Company has access to the best
refinancing and restructuring options and venues available."
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
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