SASKATOON, July 3, 2015 /CNW/ - Great Western Minerals Group Ltd. (the "Company" or "GWMG") (TSX VENTURE: GWG) (OTCQX: GWMGF) announced today that, on a motion by the Ad Hoc Committee of holders of the Company's US$90 million 8.00 percent Secured Convertible Bonds due 2017, the Ontario Superior Court of Justice – Commercial List (the "Court") today granted an order (the "Order") expanding the powers and duties of PricewaterhouseCoopers Inc., the Court-appointed monitor (the "Monitor") in the Company's proceedings under the Companies' Creditors Arrangement Act (Canada) ("CCAA") to, inter alia, pursue the ongoing Sale or Investor Solicitation Process ("SISP") and otherwise perform such other functions or duties, on behalf of the Company, as the Monitor considers necessary or desirable in order to facilitate or assist the Company in dealing with its operations, property or other activities. The Order also extended the stay of proceedings and the "Outside Date" for completion of the SISP to July 13, 2015.
The Company further announced today the resignation of Mr. K. Marc LeVier as President and Chief Executive Officer of the Company, effective immediately, and that the members of the Board of Directors have resigned effective immediately. Under its expanded powers, the Monitor will have the ability to act on behalf of GWMG to move forward with the SISP and complete any related transactions.
Great Western Minerals Group Ltd. is a manufacturer and supplier of rare earth element–based metal alloys. The Company routinely posts news and other information on its website at www.gwmg.ca.
Neither the 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.
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions (including negative and grammatical variations)) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Certain forward-looking statements in this News Release relate to completion of the SISP. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWMG as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to; the adequacy of the Company's financial resources, including the availability of additional cash from operations or from financing on reasonable terms or at all; the assumptions and estimates in the Feasibility Study of the SKK Project proving to be accurate over time; the construction, commissioning and operation of the proposed monazite processing facility within estimated parameters; mine refurbishment activities; reliance on third parties to meet projected timelines and commencement of production at the SKK Project; reliance on successful negotiations with third parties to enter into a tolling arrangement to separate mixed rare earth materials; risks related to the receipt of all required approvals including those relating to the commencement of production at the SKK Project; delays in obtaining permits, licenses and operating authorities in Canada, South Africa and the United Kingdom; environmental matters; water and land use risks; risks associated with the industry in general; commodity prices and exchange rate changes; operational risks associated with exploration, development and production operations; delays or changes in plans, including those estimated in the Feasibility Study of the SKK Project; risks associated with the uncertainty of resource and reserve estimates; health and safety risks; uncertainty of estimates and projections of production, costs and expenses; risks that future SKK Project and region exploration results may not meet exploration or corporate objectives; political risks inherent in South Africa; risks associated with the relationship between GWMG and/or its subsidiaries and communities and governments in Canada and South Africa; radioactivity and related issues; dependence on one mineral project; loss of, and the inability to attract, key personnel; the factors discussed in the Company's public disclosure record; and other factors that could cause actions, events or results not to be as anticipated. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although GWMG believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. Except as required by law, GWMG does not assume any obligation to update forward looking statements as set out in this news release. The forward-looking statements of GWMG contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in GWMG's Annual Information Form available under the Company's profile at www.sedar.com.
SOURCE Great Western Minerals Group