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CALGARY, Nov. 2 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is pleased to announce that Matco Capital Ltd. ("Matco"), a control person of CMQ, has agreed to extend the maturity of the existing Funding Agreement between Matco and CMQ to November 30, 2009. This extension has been implemented to allow CMQ additional time to complete its current drilling program and for CMQ to further assess its sources of additional financing. The entire CDN$1,000,000 facility has been drawn.
CMQ has additionally agreed to enter into a loan agreement (the "Unsecured Loan Agreement") with Matco, which would permit CMQ to draw, and obligate Matco to provide, up to CDN$400,000 in loans. The Unsecured Loan Agreement will expire November 30, 2009 and will bear interest at 9% per annum. There are no standby or other charges in respect of undrawn amounts and no set-up fee. It is anticipated that the amounts outstanding under the Funding Agreement shall be repaid upon the completion of a private placement financing or refinanced.
CMQ has not incurred any additional financial or contingent cost in obtaining the extension and the additional funding.
CMQ currently has 6,534,670 Common Shares issued and outstanding. CMQ's website is located at www.cmqresources.com
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements typically contain statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "would", "should", or similar words suggesting future outcomes
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to CMQ and shareholders. Forward-looking statements are based on management's current beliefs as well as assumptions made by, and information currently available to, management. Though management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. The forward-looking statements contained in this press release are made as of the date hereof and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement
SOURCE CMQ Resources Inc.
For further information: For further information: John Hogg, Chief Executive Officer, CMQ Resources Inc., Tel: (775) 778-3693, E-mail firstname.lastname@example.org