Partnership provides Update on Atikwa Resources
TORONTO, Dec. 23, 2013 /CNW/ - Pathway 2010 GORR Limited Partnership (the "Partnership") is pleased to report that at the special meeting of limited partners (the "Meeting") held on December 20, 2013, it received approval by extraordinary resolution from its limited partners to extend the term of the Partnership to December 31, 2015 (the "Termination Date"). As a result of the Amendment, the Partnership will continue its operations until no later than the new Termination Date. The new Termination Date, along with certain other changes to the limited partnership agreement, were described in the Partnership's information circular for the Meeting dated November 29, 2013 and are reflected in an amended and restated limited partnership agreement dated December 20, 2013 that has been filed on SEDAR at www.sedar.com. Within 30 days, the Partnership will also send copies of the amended and restated limited partnership agreement dated December 20, 2013 to its limited partners.
The General Partner also provided an update on the status of Atikwa Resources Inc. ("Atikwa"). On December 18, 2013, Atikwa provided an update regarding its efforts to restructure its outstanding secured loan. The secured lender under the loan, who has security over all of Atikwa's assets, set a court date for Thursday, December 19, 2013 to make an application to appoint a receiver. On December 19, 2013, Atikwa reported that the court proceedings were adjourned until December 20, 2013.
On December 22, 2013, Atikwa announced that the court adjourned the receivership decision to the week of January 6th, 2014.
Although the General Partner believes that the well assets underlying the GORR have value, the appointment of a receiver by the court would further impair the Partnership's ability to recover from Atikwa. The General Partner is actively engaged in efforts to maximize the Partnership's recoveries from Atikwa.
Information on the Partnership can be obtained under the Partnership's profile available on SEDAR at www.sedar.com or by contacting the General Partner by e-mail at [email protected], or by telephone at (416) 777-7350 or toll free at 1-877-777-1541.
This press release contains forward-looking information and statements relating, but not limited to, anticipated or prospective financial performance and results of operations of the Partnership. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking information. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "projects", and similar expressions are intended to identify forward-looking information.
The General Partner believes the forward-looking information herein is reasonable, however, readers are cautioned not to place undue reliance on such forward-looking information. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons including, but not limited to, market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the Partnership may invest and the risks detailed in the prospectus of the Partnership. We caution that the foregoing list of factors is not exhaustive.
The forward-looking information is given as of the date of this press release, and the General Partner undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: Pathway 2010 GORR Limited Partnership