TORONTO, Oct. 1, 2013 /CNW/ - Rainy River Resources Ltd. ("Rainy River") (TSX:RR) today announces the appointment of six new officers: Robert Gallagher, President and Chief Executive Officer; Brian Penny, Chief Financial Officer; Lisa Damiani, Vice President and Secretary; Hannes Portmann, Vice President; Barry O'Shea, Vice President; and Martin Wallace, Treasurer. The newly appointed officers will replace the majority of Rainy River's previous group of senior officers.
New Gold Inc. ("New Gold") owns approximately 100.9 million, or 97.5%, of Rainy River's outstanding shares, with the balance in the process of being acquired by way of compulsory acquisition under the Business Corporations Act (British Columbia). All of the new officers of Rainy River are officers of New Gold.
The compulsory acquisition of the balance of the Rainy River shares remains on schedule for completion by mid-October, at which point New Gold would consolidate its ownership in 100% of Rainy River.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance may be deemed "forward looking". All statements in this news release, other than statements of historical fact, that address events or developments that New Gold expects to occur, are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "scheduled", "estimates", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation. Forward looking statements in this news release include statements regarding the compulsory acquisition of Rainy River. All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: applications made by any remaining shareholders in connection with the compulsory acquisition and additional funding requirements, as well as "Risk Factors" included in New Gold's disclosure documents filed on and available at www.sedar.com.
Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
SOURCE: Rainy River Resources
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RAINY RIVER RESOURCES LTD.
For further information, please contact:
Vice President, Corporate Development
Direct: 1 (416) 324-6014
Email: [email protected]