TORONTO, Dec. 1, 2016 /CNW/ - Strike Minerals Inc.
("Strike") (TSXV: STK) announces that it has commenced
proceedings to restructure its business and financial affairs by
filing a notice of intention to make a proposal to its creditors in
accordance with the Bankruptcy and Insolvency Act
(Canada). A. Farber & Partners
Inc. has been retained as trustee. Strike intends to seek
court approval to commence a sales process (the "Sales
Process") that will include a stalking horse bid from its
senior secured creditor, Waterton Global L.P. or its assignee.
Further details regarding the Sales Process will be released in due
course. There can be no assurance, however, that the Company will
be able to restructure its business and affairs.
About Strike Minerals Inc.
Strike is a Canadian-based junior mineral exploration company
focused on the acquisition and development of mineral properties,
with an emphasis on gold, in Canada. Strike has not operated since 2014 but
has interests in certain mineral properties in northern
Ontario.
Caution Regarding Forward-Looking Information and
Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements regarding the potential restructuring and financing
plans, objectives or expectations of Strike are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from Strike's plans or
expectations include risks relating to the failure to obtain
restructuring proposals acceptable to Strike, necessary regulatory
or shareholder approvals, regulatory changes, timeliness of
government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by Strike. Strike makes
all reasonable efforts to update its corporate information on a
timely basis.
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.
SOURCE Strike Minerals Inc.