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CALGARY, Jan. 28 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the "Company") (WMK - TSXV) announces that the holders of more than 66 2/3 % of its outstanding 12% convertible secured subordinated debentures have approved the deferral of the interest payment due January 31st, 2010 until the next interest payment date, being July 31st, 2010. Accordingly, the Company will not be making the interest payment to conserve cash and thereby allow it to continue to execute on its strategic plans. The Company continues its efforts and discussions regarding strategic alliances for its metakaolin resources. Whitemud has engaged Ernst & Young Orenda Corporate Finance Inc. to advise in these efforts.
About Whitemud Resources
Whitemud Resources Inc. (www.whitemudresources.com) is a Canadian-based corporation that is exploiting a large kaolin deposit in southern Saskatchewan. The Company produces Whitemud(MK), a high-reactivity, cement-grade metakaolin that enhances the performance of cement used in construction and in oil and gas wells. The Company is positioned to benefit from expanding North American infrastructure needs and growing environmental pressures.
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Forward Looking Statement
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections and guidance or other statements that are not statements of fact, and guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements regarding the timing for the next interest payment, the continuing execution of its strategic plans and discussions regarding strategic alliances. The statements are made in reliance on the assumption that the Company's cash flows permit the next interest payment, the strategic plans remain relevant in the current industry environment and that parties remain interested in strategic alliances. The statements are subject to risks, including current economic conditions in general, and industry specific risks. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE WHITEMUD RESOURCES INC.
For further information: For further information: Burl Aycock, CEO, Whitemud Resources, Telephone: (403) 695-1012 or Kelly Babichuk, President and COO, Whitemud Resources, Telephone: (403) 517-0040