TSX-V Denies Palladon Ventures Letter Agreement With Luxor Capital Partners, LP, and Palladon Enters Into a New Standstill Agree
2010年3月4日 - 6:41AM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1). On December 4, 2009 Palladon announced that
the Company and Luxor Capital Partners, LP ("Luxor") had entered
into a letter agreement (the "Letter Agreement"), subject to TSX
Venture Exchange approval, which extended the due date of existing
indebtedness, granted Palladon an option to repay the Luxor Loans
("the loans") at a discount on or before March 31, 2010, and
restructured the loans for a combination of debt and equity if the
loans were not repaid by March 31, 2010.
The TSX Venture Exchange has notified the Company that it would
not approve this Letter Agreement. Therefore, under a new
standstill agreement which expires on March 15, 2010, the Company
and Luxor are reviewing all available avenues to repay or
restructure the loans.
Palladon CEO Dale Gilbert stated: "Our highest priority is to
repay or restructure the Luxor debt in a way that maximizes value
for Palladon shareholders. We are also working very hard on
developing a plan to ship iron ore and/or to upgrade our iron ore
to concentrate. The continued strengthening of iron ore prices has
resulted in increased interest in Palladon and its Iron Mountain
Project. I was encouraged on my recent trip to China, where I met
with numerous parties to discuss off-take agreements for iron ore
and concentrate, as well as funding and possible investment in
Palladon."
On Behalf of the Board of Directors,
Dale S. Gilbert, President and Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
advancing the Iron Mountain Project, an iron ore mine located west
of Cedar City, Utah.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future, which
include the Company's continuing efforts finance current operations
and further development of the Iron Mountain Project. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with mineral exploration and production, (3) a decreased demand for
minerals, (4) any number of events or causes which may delay or
cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labor problems; (5) the risk that the
Company does not execute its business plan, (6) inability to retain
key employees, (7) inability to finance operations and growth, (8)
other factors beyond the Company's control; and (9) the risk that
the Company will not be able to raise funds due to Luxor Capital
Group. These forward-looking statements are made as of the date of
this news release and, except as required by law, the Company
assumes no obligation to update these forward-looking statements,
or to update the reasons why actual results differed from those
projected in the forward-looking statements.
Neither 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.
Contacts: Palladon Ventures Ltd. Dale S. Gilbert President &
CEO 801.521.5252 801.521.5454 (FAX) info@palladonventures.com
www.palladonventures.com
Palladon Ventures Ltd. (TSXV:PLL)
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