TSX.V (NEX Board): GBN.H
SASKATOON, Aug. 12, 2016 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV: GBN) announces that, in connection with the proposal proceedings initiated by the Company on April 15, 2016 under the Bankruptcy and Insolvency Act (Canada), it has obtained an Order of the Court of Queen's Bench For Saskatchewan granting it approval to, among other things, implement the Bankruptcy and Insolvency Act proposal by the Company to its creditors (the "Proposal"), which Proposal was approved by creditors on July 22, 2016.
Pursuant to the Proposal, among other things, all of the existing equity interests in the Company have been retracted, cancelled and extinguished and new equity interests in the Company have been issued to Procon Resources Inc.
Golden Band will apply to cease to be a reporting issuer and for de-listing from the NEX board of the TSX Venture Exchange.
About Golden Band
Golden Band Resources Inc. is a former gold producer operating in the La Ronge gold belt in northern Saskatchewan and is listed on the NEX board of the TSX Venture Exchange in Canada under the symbol GBN.H. Commercial production was declared on April 1, 2011. The Company has suspended mining operations (see news release of June 30, 2014) but has been actively exploring the La Ronge Gold Belt since 1994 and has assembled a land package of 870 km2, including 13 known gold deposits and six former producing mines, being Roy Lloyd, Jolu, Decade, Star Lake, EP and Komis (the La Ronge Project area). On April 15, 2016, the Company filed a Notice of Intention To Make a Proposal to its Creditors under section 50.4 of the Bankruptcy and Insolvency Act (Canada), to assist its restructuring efforts. On July 22, 2016, the Bankruptcy and Insolvency Act proposal by Golden Band to its creditors was approved by creditors (see news release of July 22, 2016).
On behalf of the Board of Directors of Golden Band Resources Inc.,
Paul Saxton, CEO
Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the application to cease to be a reporting issuer and for de-listing from the NEX board of the TSX Venture Exchange are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to necessary regulatory approvals, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company. The Company makes all reasonable efforts to update its corporate information on a timely basis.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Golden Band Resources Inc.