PERTH, Australia, May 2, 2014 /CNW/ - Mirabela Nickel Limited (Administrators appointed) (Mirabela or the Company) (ASX: MBN) wishes to provide the following update.
Further to the announcements dated 24 March 2014 and 25 March 2014, the second meetings of creditors will be held on 13 May 2014, at the offices of KordaMentha, Level 10, 40 St Georges Terrace, Perth WA. Registration for all creditors will open at 10:00am with the meetings commencing at 10:30am.
A copy of the Administrators' report pursuant to section 439A of the Corporations Act and the Proposed Deed of Company Arrangement (Proposed DOCA) have been sent to creditors and are attached to this announcement. This information can also be found on the KordaMentha web site at www.kordamentha.com in the Creditor Information section.
If creditors resolve to execute the Proposed DOCA, the Administrators estimate that the recapitalisation will be completed before 30 June 2014.
DISCLAIMER - FORWARD-LOOKING INFORMATION
Certain information in the attached document, including all statements that are not historical facts, constitutes forward-looking information within the meaning of applicable Canadian & Australian securities laws. Such forward-looking information includes, but is not limited to, information which reflects management's expectations regarding Mirabela's results of operations.
In making and providing the forward-looking information included in this document, the Company has made numerous assumptions. These assumptions include among other things: (i) assumptions about the price of nickel and other base metals; (ii) assumptions about operating costs and expenditures; (iii) assumptions about future production and recovery; (iv) that the supply and demand for nickel develops as expected; (v) that there is no unanticipated fluctuation in interest rates and foreign exchange rates; and (vi) that there is no material deterioration in general economic conditions. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. By its nature, forward-looking information is based on assumptions and involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or 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: (i) decreases in the price of nickel and copper; (ii) the risk that the Company will continue to have negative operating cash flow; (iii) the risk that additional financing will not be obtained as and when required; (iv) material increases in operating costs; (v) adverse fluctuations in foreign exchange rates; (vi) the risk that concentrate produced will not meet certain minimum specifications; (vii) production estimates may not be accurate; (viii) environmental risks and changes in environmental legislation; (ix) and failure to comply with restrictions and covenants under its debt arrangements.
The Company's MD&A and the Annual Information Form contain information on risks, uncertainties and other factors relating to the forward-looking information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of the factors are beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information disclosed in the attached document is qualified by this cautionary statement.
SOURCE: Mirabela Nickel Limited (Administrators Appointed)