TSX Venture Exchange
TORONTO, Sept. 21, 2015 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) announces that today it has received Court approval to the two amendments to the Arrangement Agreement dated June 6, 2015 with SFM Holding, S.A.P.I. DE C.V ("SFM"), GFM Minería, S.A.P.I. DE C.V ("GFMM" together with SFM, the "Purchasers") and Global Resource Fund ("GRF"). The arrangement is expected to close the week of September 21, 2015 at which time GFMM will acquire all of the issued and outstanding common shares of NWM ("NWM Shares") for cash consideration of C$0.005.
The arrangement was approved by NWM Shareholders holding approximately 98% of the Common Shares voted at the shareholders meeting held on or about July 15, 2015 and 97% of the majority of the minority.
The first amendment was signed on September 13, 2015 to, among other things, extend the Outside Date to October 15, 2015 to allow the Purchasers to finalize their financing and the second on September 16, 2015 to, among other things, provide for a revised plan of arrangement in which only a partial repayment of the debt owed to GRF will occur at the effective time of the arrangement. Under the revised plan of arrangement, the remaining debt will remain outstanding pursuant to the terms of an amended and restated promissory note, which will be due on or before December 4, 2015. Following the effective time of the arrangement and the acquisition of NWM by GFMM, GRF will continue to hold its security over NWM, and will continue to be owed its debt by NWM.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia-Jojoba gold mine. The mine is an open pit leach operation in Sonora State, Mexico.
On Behalf of Management and the Board:
"Darren Koningen" "Mark Selby"
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 of this release.
SOURCE NWM Mining Corporation
For further information: please contact NWM Mining Corporation at (416) 364-6799.