NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
QUEBEC CITY, June 17, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. (TSXV: RBX)
("Robex" or the "Company") announced a strategic plan, subject to a successful
equity financing, designed to allow it to realize its goal of becoming a leading
gold producer in West Africa.
All currency amounts in this news release are stated in Canadian dollars, unless
otherwise indicated.
1. HIGHLIGHTS
This strategic plan includes: (i) an equity financing of $ 55 million, on a
"best efforts" agency basis, including an over-allotment option of 15%; (ii) an
extension of the Company's US$ 35 million bridge loan with Taurus Mining Finance
Fund No. 2, L.P. ("Taurus") to April 22, 2025; (iii) the board of directors of
Robex (the "Board") being refreshed with the appointment of James Askew, as
incoming Chairman, and the appointment of Matthew Wilcox, as Managing Director
and Chief Executive Officer; (iv) the sale of all the Company's Malian assets;
and (v) an intention to explore a listing on the Australian Stock Exchange
("ASX") for Robex's common shares.
All elements of the strategic plan are subject to the completion of a successful
equity financing. See the "Equity Financing of $ 55 million" section of this
release.
Following and conditional upon the successful closing of the planned equity
financing, Matthew Wilcox will lead the Company as it becomes a new Guinean
pureplay development in order to accelerate the development of the Kiniero Gold
Project with expected first gold poured in Q4 2025.
2. STRATEGIC PLAN SUBJECT TO SUCCESSFUL EQUITY FINANCING
* Equity Financing of $ 55 million
* Robex announced today a planned equity financing of $ 55 million, on a
"best efforts" agency basis, including an over-allotment option of 15%.
The equity financing is subject to, among other things, the approval of
the TSX Venture Exchange (the "TSXV").
* The Company intends to use all the net proceeds from the equity
financing, for the development of the Kiniero Project, including: (i)
continuing the development of the early works programs and procurement
of the long lead items; (ii) partial payment to Taurus of US$ 15 million
under the US$ 35 million bridge loan facility, as amended (see below
under "Taurus Bridge Facility Extended to April 2025"); (iii) infilling
the Mansounia project and other exploration expenditures; (iv) funding
the Kiniero updated feasibility study to include the Mansounia property
and further pit and process optimization; and (v) general and
administrative as well as working capital.
* The planned equity financing will be subject to definitive agreements in
respect of the Bridge Facility Extension (as defined below) being
executed prior to closing of the planned equity financing.
* Further details regarding the terms of the equity financing are provided
in the Company's news release dated as of the date hereof, which is
available under the Company's profile on SEDAR+ at www.sedarplus.ca
(http://www.sedarplus.ca/) and on the Company's website at
www.robexgold.com (https://robexgold.com/).
* Extension of Taurus Bridge Facility
* Robex and Taurus have agreed in principle to extend the current US$ 35
million bridge facility to April 22, 2025 (the "Bridge Facility
Extension"). The definitive agreements are expected to be signed on or
before June 21, 2024, the current terms remain subject to the approval
of the TSXV. The key terms of the extension are expected to be:
* Maturity: Extended by 10 months to April 22, 2025 (from June
21, 2024);
* Facility Amount: Reduced to US$ 20 million from US$ 35 million;
* Extension fee of 0.75%;
* Waiver fee of 1.00%;
* Interest rate 10% per annum (unchanged);
* Royalty of 0.25% uncapped (from cap of 1.5Moz), including buy-back
mechanism subject to specific conditions;
* Security, covenants, permitted indebtedness and other conditions
remain unchanged;
* Extension of the existing 2.25 million common shares purchase
warrants of 4 years from the bridge facility extension; and
* Issuance of 3.5 million new common share purchase warrants at terms
to be discussed and approved by the TSXV.
* The equity financing described herein (and in the Company's second news
release dated as of the date hereof) will provide Robex with sufficient
liquidity to meet its short-term obligations under the Bridge Facility
Extension. No assurances can be made, in the absence of another
successful financing, that Robex will have sufficient funds to repay
Taurus in full prior to the maturity date of the Bridge Facility
Extension.
* Appointment of Matthew Wilcox as CEO and MD
* Appointment of Matthew Wilcox as Chief Executive Officer and Managing
Director as well as Director.
* Aurélien Bonneviot will step down as Chief Executive Officer and
Director, but will remain with Robex as General Manager Strategy and
Business Development, overseeing the transition and the growth strategy.
* New Board to be Led by James Askew (Chairman)
* The Board will be reduced to six members and consist of James Askew
(Chairman of the Board), John Dorward, Howard Golden, Thomas Lagrée and
Gérard de Hert, all Non-Executive Directors, and Matthew Wilcox,
Managing Director (collectively, the "New Directors").
* The following directors will resign from the Board effective upon the
successful closing of the equity financing: Richard R. Faucher, Claude
Goulet, Aurélien Bonneviot, Matthew Sharples, Georges Cohen, Benjamin
Cohen and Julien Cohen (collectively, the "Retiring Directors") and the
New Directors, to the extent not already directors, will be appointed as
directors effective as of such date.
* In addition, provided that the equity financing has been completed, the
New Directors will stand for election at the Company's upcoming annual
meeting of shareholders to be held on June 27(th), 2024 (the "Meeting"),
as described in the Company's management information circular dated May
17, 2024 (the "Circular"). Each director that is elected holds office
until the next annual meeting of shareholders or until their successor
is elected or appointed.
* Disinvestment of Malian Assets
* After a strategic review process encompassing multiple parties, Robex is
in discussions with a private West-African based company to acquire of
all the Company's assets in Mali, including the Nampala mine. The
potential purchaser is an experienced company operating a mine in Mali.
* The contemplated transaction structure would be a deferred payment
mechanism from closing. The transaction is subject to confirmatory due
diligence, approval of the TSXV and customary conditions for this type
of transaction, including obtaining all necessary corporate, shareholder
and regulatory approvals.
* Rationale of the Mali transaction is to focus on the development of the
Company's Kiniero flagship asset in Guinea.
* Readers are cautioned that there is no certainty, nor can the Company
provide any assurance, that a definitive agreement will be reached and
that the conditions to closing of the sale of the Malian assets will be
satisfied or, if satisfied, when they will be satisfied.
* ASX Listing
* Robex is reviewing the options available to list its common shares on
the ASX to gain access to the Australian capital market and support the
long-term growth. Robex anticipates the process to take up to six
months.
3. ABOUT THE NEW DIRECTORS
Matthew Wilcox, Managing Director and Chief Executive Officer
Residency: Perth, Australia
Principal occupation: Former Managing Director and Chief Executive Officer of
Tietto Mineral Limited ("Tietto")
Not Independent - Incoming Managing Director and Chief Executive Officer
Matthew Wilcox was recently Managing Director and Chief Executive Officer at
Tietto, a gold exploration and development company where he led the construction
of the 5.3 million of tonnes per annum ("Mtpa") Abujar Gold mine. On May
24, 2024, Matt resigned from his CEO position following the acquisition by
Zhaojin Mining Industry Company Limited.
Prior to joining Tietto in 2021, Mr. Wilcox played a key role in overseeing
construction of the Sanbrado Gold Mine as chief development officer of West
African Resources an emerging gold producer. He was also project director for
the construction of Nordgold's 4Mtpa Bissa Gold Project and 8Mtpa Bouly Gold
Project, both in Burkina Faso; General manager of the 6Mtpa LEFA Gold Project in
Guinea, and project director for the construction of the 12Mtpa Gross Gold
Project in Siberia, Russia.
Matthew Wilcox will appoint his construction team subsequently.
James Askew, Chairman of the Board
Residency: Denver, USA
Principal occupation: Non-Executive Chairman of Federation Mining
Independent
Jim Askew is an experienced mining engineer with more than 45 years'
international involvement in the industry as director and chief executive
officer for a range of Australian and international publicly listed mining,
mining finance and other mining-related companies.
Mr. Askew was a founding director of Evolution Mining, Sino Gold, Yamana
Resources, Asian Mineral Resources, Ausdrill Limited and West Wits Mining. Mr.
Askew's other roles included Chairman of OceanaGold, PMI Gold, London Mining and
CEO of Climax Mining, Golden Shamrock Mines, Black Range Minerals, Golden Star
Resources and Rayrock Inc. His early career included founding James Askew
Associates (now renamed AMC, international mining consultants), Rock Instruments
and James Askew Redpath. Jim was CEO of Golden Shamrock Mines (1986-96), which
developed Iduapriem in Ghana and discovered Siguiri in Guinea, owned Cobar
copper mine in Australia and the CAM iron ore mine in Spain. Jim also served on
the Advisory Boards of Pala and La Mancha, PE funds.
Currently, he serves on Boards as Chair, Syrah Resources (ASX), and a NED of
Evolution Mining (ASX), having retired early 2023 from a NED role at Endeavour
Mining.
John Dorward, Non-Executive Director
Residency: Perth, Australia
Principal occupation: Executive Chairman of Ausgold Limited
Independent
Mr. Dorward is Executive Chairman of Ausgold Limited
Mr. Dorward was the president, CEO and a director of Toronto-headquartered
Roxgold Inc., a gold exploration and development company, from 2012 until its
acquisition in 2021 by Fortuna Silver Mines Inc. in an all-stock deal valued at
US$ 884 million.
Mr. Dorward led the Roxgold team through the construction of the underground
Yaramoko Gold Mine in Burkina Faso.
Mr. Dorward's earlier roles include vice-president of business development at
Fronteer Gold Inc., a former TSX and AMEX-listed mining company with gold and
uranium projects in the USA, Canada and Turkey, where he was instrumental in
negotiating its acquisition by Newmont Corporation for US$ 2.3 billion. He was
also chief financial officer of Mineral Deposits Ltd., an ASX and TSX-listed
mining development company with gold and mineral sands projects in Senegal, West
Africa, where he led its TSX US$ 50 million initial public offering along with a
US$ 75 million project financing to build the Sabodala Gold Project.
He previously held senior roles at Australian mining companies Leviathan
Resources Limited and MPI Mines Limited, as well as manager - project finance at
Bankwest in Perth and Melbourne.
Howard Golden, Non-Executive Director
Residency: Perth, Australia
Principal occupation: Former Corporate Exploration Manager of Tietto
Independent
Mr. Golden brings over 40 years of experience in the mining industry, across six
continents. He has held senior executive roles with some of the largest mining
operators in the world and played a pivotal role in the discovery of the Syama,
Oyu Tolgoi, Agbaou and West Musgrave ore deposits.
Prior to assuming his current role, as Senior Advisor, Critical Minerals for
Getech, a company specialised in finding and develop energy and mineral
resources, Mr. Golden was the global exploration manager for Nordgold from 2019
to 2022, with projects spanning across Africa, South America, Canada and Russia.
Mr. Golden also held the role of general manager, Exploration of Rio Tinto,
responsible for discovering and acquiring resources in Central and West Africa.
Prior to Rio Tinto, he spent three years as regional director of exploration at
Kinross Gold Corporation in Russia, where amongst other tasks, he was
responsible for increasing the company's gold reserves through the discovery,
identification, acquisition, and economic evaluation of gold deposits in Russia.
He also held the role of chief geophysicist of WMC Resources Limited in
Australia and was principal geoscientist for BHP Minerals for 18 years. Mr.
Golden has a global track record of leading multi-disciplined exploration
programs in different climates, conditions and regulatory regimes.
4. ADDITIONAL INFORMATION CONCERNING THE NEW DIRECTORS
Based on information provided by each New Director, none of the New Directors:
(a) is, at the date of this news release, or has been within the previous 10
years, a director, chief executive officer or chief financial officer of any
company that, while acting in that capacity: (i) was the subject of a cease
trade order or similar order or an order that denied the relevant company access
to any exemption under securities legislation, in each case, that was in effect
for a period of more than 30 consecutive days (an "order"); or (ii) was subject
to an order that was issued after such New Director ceased to be a director,
chief executive officer or chief financial officer and which resulted from an
event that occurred while such New Director was acting in the capacity as
director, chief executive officer or chief financial officer; (b) is, at the
date of this news release, or has been within the previous 10 years, a director
or executive officer of any company that, while such New Director was acting in
that capacity, or within a year of the New Director ceasing to act in that
capacity, became bankrupt, made a proposal under any legislation relating to
bankruptcy or insolvency or was subject to or instituted any proceedings,
arrangement or compromise with creditors or had a receiver, receiver manager or
trustee appointed to hold its assets; or (c) within the previous 10 years has
become bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency, or become subject to or instituted any proceedings, arrangement or
compromise with creditors, or had a receiver, receiver manager or trustee
appointed to hold the assets of such New Director.
Based on information provided by each respective New Director, none of the New
Directors have been subject to: (a) any penalties or sanctions imposed by a
court relating to securities legislation or by a securities regulatory authority
or has entered into a settlement agreement with a securities regulatory
authority; or (b) any other penalties or sanctions imposed by a court or
regulatory body that would likely be considered important to a reasonable
securityholder in deciding whether to vote for a New Director.
Based on information provided by each respective New Director, none of the New
Directors or their respective associates or affiliates has: (a) any material
interest, direct or indirect, in any transaction since the commencement of the
Company's most recently completed financial year or in any proposed transaction
which has materially affected or would materially affect the Company or any of
its subsidiaries; or (b) any material interest, direct or indirect, by way of
beneficial ownership of securities or otherwise, in any matter to be acted on at
the Meeting, other than the election of directors.
5. SHAREHOLDER MEETING DETAILS
The Circular has been mailed to shareholders and is available online in English
at www.envisionreports.com/Robex2024 (http://www.envisionreports.com/Robex2024),
and in French at www.envisionreports.com/Robex2024FR
(http://www.envisionreports.com/Robex2024FR), and on SEDAR+ under the Company's
profile at www.sedarplus.ca (http://www.sedarplus.ca). Except as described
above, the Circular remains unchanged from the version that was mailed to the
shareholders of the Corporation and previously filed on SEDAR+.
The Circular and form of proxy previously distributed to registered shareholders
in connection with the Meeting confer discretionary authority upon management
(or other person designated as proxy therein) to vote on amendments or
variations of matters coming before the Meeting. Management intends to rely on
the discretionary authority granted in the Circular and form of proxy to vote
FOR the election of the New Directors to the Board, along with the other
nominees named in the Circular (other than the Retiring Directors).
If a registered shareholder has submitted a management proxy and does not wish
the proxy to be voted in this manner, they may revoke their proxy at any time
prior to using it: (a) by depositing an instrument in writing, including another
completed form of proxy, executed by such registered shareholder or by his, her
or its attorney authorized in writing or by electronic signature or, if the
registered shareholder is a corporation, by an authorized officer or attorney
thereof at, or by transmitting by facsimile or electronic means, a revocation
signed by electronic signature, to the head office of the Company, located at
Édifice Le Delta 1, 2875 Laurier Boulevard, Suite 1000, Québec, Québec, Canada,
G1V 2M2, at any time prior to 5:00 p.m. (EST) on the last business day preceding
the day of the Meeting or any adjournment or postponement thereof; or (b) in any
other manner permitted by law.
If a non-registered or beneficial shareholder wishes to revoke their previously
given voting instructions, they must contact the broker or other intermediary
that they provided their voting instruction forms to and comply with any and all
applicable requirements of such broker or intermediary. A broker or other
intermediary may not be able to revoke voting instructions if it receives
insufficient notice of revocation, and any non-registered shareholder wishing to
revoke their voting instructions should contact such broker or intermediary in
sufficient time to ensure that their revocation of voting instructions is
received.
If as a registered shareholder you use your control number to access the Meeting
and you accept the terms and conditions, you will be revoking any and all
previously submitted proxies for the Meeting and will be provided with the
opportunity to vote by online ballot on the matters put forth at the Meeting.
If you have any questions about any of the information in the Circular or this
news release or require assistance in completing your form of proxy or voting
instruction form, please consult your financial, legal, tax and other
professional advisors.
For more information
ROBEX RESOURCES INC.
Aurélien Bonneviot, Chief Executive Officer
Stanislas Prunier, Investor Relations and Corporate Development
+1 581 741-7421
Email: investor@robexgold.com (mailto:investor@robexgold.com)
www.robexgold.com (http://www.robexgold.com)
FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS
Certain information set forth in this news release contains "forward-looking
statements" and "forward-looking information" within the meaning of applicable
Canadian securities legislation (referred to herein as "forward-looking
statements"). Forward-looking statements are included to provide information
about management's current expectations and plans that allow investors and
others to have a better understanding of the Company's business plans and
financial performance and condition.
Statements made in this news release that describe the Company's or management's
estimates, expectations, forecasts, objectives, predictions, projections of the
future or strategies may be "forward-looking statements", and can be identified
by the use of the conditional or forward-looking terminology such as "aim",
"anticipate", "assume", "believe", "can", "contemplate", "continue", "could",
"estimate", "expect", "forecast", "future", "guidance", "guide", "indication",
"intend", "intention", "likely", "may", "might", "objective", "opportunity",
"outlook", "plan", "potential", "should", "strategy", "target", "will" or
"would" or the negative thereof or other variations thereon. Forward-looking
statements also include any other statements that do not refer to historical
facts. Such statements may include, but are not limited to, statements
regarding: the Company's goal to become a leading gold producer in West Africa;
perceived future shareholder value of the common shares; the perceived merit and
further potential of the Kiniero Gold Project; the Company's estimate of mineral
resources and mineral reserves (within the meaning ascribed to such expressions
in the Definition Standards on Mineral Resources and Mineral Reserves adopted by
the Canadian Institute of Mining Metallurgy and Petroleum ("CIM Definition
Standards") and incorporated into National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101")); the Company's ability to
successfully implement its strategic plan, including through the election of the
New Directors; the Company's ability to successfully advance the Kiniero Gold
Project on the basis of the results of the feasibility study (within the meaning
ascribed to such expression in NI 43-101) with respect thereto, as the same may
be updated, the whole in accordance with the revised timeline previously
disclosed by the Company; the potential development and exploitation of the
Company's existing mineral properties and business plan, including the
completion of feasibility studies (including the updated feasibility study in
respect of the Kiniero Gold Project) or the making of production decisions in
respect thereof; the future financial or operating performance of the Company
and the Kiniero Gold Project; exploration potential and opportunities at the
Company's mineral properties; the Company's ability to (i) enter into definitive
agreements in respect of and complete the sale of all its assets in Mali,
including the Nampala Project, and obtain the approval of the TSXV and any
corporate approval that may be required in respect thereof, or (ii) reach an
agreement with the Malian authorities to establish a sustainable new tax
framework for the Company, and for the sustainable continuation of the Company's
activities and further exploration investments at Nampala; the quantum of the
equity financing; obtaining all necessary regulatory approvals, including the
approval of the equity financing by the TSXV; the completion of the equity
financing and the timing thereof; the intended use of the net proceeds of the
equity financing; and the Company's ability to enter into definitive agreements
in respect of and complete the Bridge Facility Extension and obtain the approval
of the TSXV in respect thereof.
Forward-looking statements and forward-looking information are made based upon
certain assumptions and other important factors that, if untrue, could cause the
actual results, performance or achievements of the Company to be materially
different from future results, performance or achievements expressed or implied
by such statements or information. There can be no assurance that such
statements or information will prove to be accurate. Such statements and
information are based on numerous assumptions, including: the ability to execute
the Company's plans relating to the Kiniero Gold Project as set out in the
feasibility study with respect thereto, as the same may be updated, the whole in
accordance with the revised timeline previously disclosed by the Company; the
completion of feasibility studies (including the updated feasibility study in
respect of the Kiniero Gold Project) or the making of production decisions in
respect of the Company's existing mineral properties; the Company's access to
financing to fund capital expenditures for the development of the Kiniero Gold
Project; the Company's ability to continue raising necessary capital to finance
its operations; the Company's ability to successfully implement its strategic
plan, including through the election of the New Directors; the Company's ability
to list its common shares on the ASX; the Company's ability to enter into
definitive documentation on acceptable terms or at all with the Guinean
authorities with respect to the Kiniero Gold Project, including a mining
convention; the Company's ability to (i) enter into definitive agreements in
respect of and complete the sale of all its assets in Mali, including the
Nampala Project, or (ii) reach an agreement with the Malian authorities to
establish a sustainable new tax framework for the Company, and for the
sustainable continuation of the Company's activities and further exploration
investments at Nampala; the Company's ability to enter into definitive
agreements in respect of and complete the Bridge Facility Extension; the
Company's ability to repay the balance of the Taurus bridge loan on the new
maturity date; the Company's ability to enter into definitive documentation in
respect of the US$115mm project finance facility for the Kiniero Gold Project
(including a US$15mm cost overrun facility) on acceptable terms or at all, and
to satisfy the conditions precedent to closing and advances thereunder
(including satisfaction of remaining customary due diligence and other
conditions and approvals); the Company's ability to obtain in a timely manner
all necessary approvals to complete the transactions described in this release
and successfully implement its strategic plan, including the approvals required
under the policies of the TSXV; the Company's ability to complete its planned
exploration and development programs at its mineral properties; the absence of
adverse conditions at the Kiniero Gold Project; the absence of unforeseen
operational delays; the absence of material delays in obtaining or maintaining
necessary permits; the price of gold remaining at levels that render the Kiniero
Gold Project profitable; the ability to realize on the mineral resource and
mineral reserve estimates; and assumptions regarding present and future business
strategies, local and global geopolitical and economic conditions and the
environment in which the Company operates and will operate in the future.
Certain important factors could cause the Company's actual results, performance
or achievements to differ materially from those in the forward-looking
statements including, but not limited to: geopolitical risks and security
challenges associated with its operations in West Africa, including the
Company's inability to assert its rights and the possibility of civil unrest and
civil disobedience; fluctuations in the price of gold; limitations as to the
Company's estimates of mineral reserves and mineral resources; the speculative
nature of mineral exploration and development; the replacement of the Company's
depleted mineral reserves; the Company's limited number of projects; the risk
that the Kiniero Gold Project will never reach the production stage (including
due to a lack of financing); the Company's capital requirements and access to
funding; changes in legislation, regulations and accounting standards to which
the Company is subject, including environmental, health and safety standards,
and the impact of such legislation, regulations and standards on the Company's
activities; equity interests and royalty payments payable to third parties;
price volatility and availability of commodities; instability in the global
financial system; the effects of high inflation, such as higher commodity
prices; fluctuations in currency exchange rates; the risk of any pending,
threatened or future litigation against the Company; limitations on transactions
between the Company and its foreign subsidiaries; volatility in the market price
of the Company's shares; tax risks, including changes in taxation laws or
assessments on the Company; the Company obtaining and maintaining titles to
property as well as the permits and licenses required for the Company's ongoing
operations; changes in project parameters and/or economic assessments as plans
continue to be refined; the risk that actual costs may exceed estimated costs;
geological, mining and exploration technical problems; failure of plant,
equipment or processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays in obtaining governmental approvals
or financing; the effects of public health crises, such as the COVID-19
pandemic, on the Company's activities; the Company's relations with its
employees and other stakeholders, including local governments and communities in
the countries in which it operates; the risk of any violations of applicableanticorruption laws, export control regulations, economic sanction programs and
related laws by the Company or its agents; the risk that the Company encounters
conflicts with small-scale miners; competition with other mining companies; the
Company's dependence on third-party contractors; the Company's reliance on key
executives and highly skilled personnel; the Company's access to adequate
infrastructure; the risks associated with the Company's potential liabilities
regarding its tailings storage facilities; supply chain disruptions; hazards and
risks normally associated with mineral exploration and gold mining development
and production operations; problems related to weather and climate; the risk of
information technology system failures and cybersecurity threats; and the risk
that the Company may not be able to insure against all the potential risks
associated with its operations. See also the "Risk Factors" section of the
Company's Annual Information Form for the year ended December 31, 2023,
available under the Company's profile on SEDAR+ at www.sedarplus.ca
(http://www.sedarplus.ca/) or on the Company's website at www.robexgold.com
(https://robexgold.com/), for additional information on risk factors that could
cause results to differ materially from forward-looking statements. All forward-
looking statements contained in this news release are expressly qualified by
this cautionary statement.
Although the Company believes its expectations are based upon reasonable
assumptions and has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking information, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. These factors
are not intended to represent a complete and exhaustive list of the factors that
could affect the Company; however, they should be considered carefully. There
can be no assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such information.
The Company undertakes no obligation to update forward-looking information if
circumstances or management's estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not to place undue
reliance on forward-looking information. The forward-looking information
contained herein is presented for the purpose of assisting investors in
understanding the Company's expected financial and operational performance and
results as at and for the periods ended on the dates presented in the Company's
plans and objectives, and may not be appropriate for other purposes.
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 or accuracy of this release.
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