TORONTO,
July 2, 2013 /CNW/ - Starfield
Resources Inc. (TSX:SRU) ("Starfield" or the "Company")
announced today that it is deemed to have made an assignment in
bankruptcy, effective at the close of business on June 28, 2013, for failure to file a proposal
before the time for doing so has passed pursuant to the provisions
of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). The Company also
announced that all of the directors of the Company and its
subsidiaries have resigned effective as at the close of business on
June 28, 2013.
As previously announced, Starfield filed a
notice of intention to make a proposal ("Notice of Intention")
pursuant to the provisions of Part III of the BIA. Pursuant to the
Notice of Intention, PricewaterhouseCoopers Inc. ("PWC") was
appointed as the trustee ("Proposal Trustee") in the Company's
proposal proceedings. Pursuant to an order of the Ontario Superior Court of Justice (Commercial
List), the time for the Company to file a proposal expired at the
end of the day on June 28, 2013.
The Company completed a sale of substantially
all of its assets related to its Ferguson
Lake project earlier last month. In consultation with the
Proposal Trustee, the Company determined that it would not be able
to put forward a viable proposal and would not be filing a proposal
by the deadline. As a result, Starfield is deemed to have made an
assignment in bankruptcy at the end of the day on June 28, 2013, and PWC will be the trustee in
bankruptcy of the Company.
The Company's subsidiary, Nevoro Copper Inc.,
also completed a sale of substantially all of its assets related to
its Superior project outside of the proposal proceedings earlier
last month.
Forward-Looking Statements
This news release may contain certain
information that constitutes forward-looking statements including
delisting on the TSX, listing opportunities on the TSX Venture
Exchange or NEX and the outcome of the assessment of strategic
options. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the ability to meet TSX listing requirements
within the specified time frame, success of completing any
strategic option, the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved
in interpreting drilling results and other geological data,
fluctuating metal prices and other factors described above and in
the Company's most recent annual information form under the heading
"Risk Factors" which has been filed electronically by means of the
Canadian Securities Administrators' website located at
www.sedar.com. The Company disclaims any obligation to update or
revise any forward-looking statements if circumstances or
management's estimates or opinions should change except where
required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.
SOURCE Starfield Resources Inc.