Inscription (TSXV = LO Francfort = LE2A)
ROUYN-NORANDA, QC, June 28, 2013 /CNW Telbec/ - Lounor Exploration Inc. announces that due to the current difficult markets for junior
exploration companies, it has been unsuccessful in raising sufficient
capital to continue its operations as a going concern. Accordingly, Lounor Exploration Inc. has decided to focus on maintaining the exploration property in
Ontario and has drop the option agreement for the Matagami property.
Lounor Exploration Inc. has also filed a Notice of intent under the Bankruptcy and Insolvency
Law (arrangement with creditors of companies). If the proposal to its
creditors is accepted, Lounor Exploration Inc. is planning to reorganize its share capital before raising new equity
to continue its operations as a going concern.
With the new international accounting standards IFRS, the external
auditor must comply with the rule 51-102. The auditor has the
obligation to give a non-restrictive opinion regarding the ability of
the Company to meet its financial obligations.
Lounor Exploration inc. will suspend all head office and non-essential expenses. In order to
cut costs, the filing and dissemination of its audited financial
statements will be postponed indefinitely.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company
with mineral holdings in Ontario and Quebec and is currently focused on
exploration in the Abitibi Greenstone Belt. The belt is found in both
provinces of Ontario and Quebec with approximately 33% in Ontario and
67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of
gold, 450,000,000 tonnes of base metal ore over the last 100 years. The
Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture (TSXV-LO) and on the
Frankfurt Exchange (LE2A).
This press release was prepared by Lounor Exploration Inc. 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.
This document may contain forward-looking statements relating to
Lounor's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
Lounor's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forwardlooking statements, including those set forth in other public
filling. In addition, such statements relate to the date on which they
are made. Consequently, undue reliance should not be placed on such
forward-looking statements. Lounor disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
SOURCE: Lounor Exploration inc.
For further information:
M. Gilles Fiset, President
Fax : 819-797-6050
Courriel : email@example.com
Site Web : www.lounor.com