Trulan's IGP Iron-Gold-Platinum Project Work Suspended as Private Investment Group Fails to Deliver on Financing Commitment
May 27 2014 - 3:10PM
Marketwired
Trulan's IGP Iron-Gold-Platinum Project Work Suspended as Private
Investment Group Fails to Deliver on Financing Commitment
LAS VEGAS, NV--(Marketwired - May 27, 2014) - Trulan Resources
Inc. (OTC Pink: TRLR) (PINKSHEETS: TRLR) (the "Company" or
"Trulan") reports that the Company's IGP Project in central Chile
has experienced numerous and ongoing delays in any further
development as a result of the systemic failure of the project's
outside investors to complete on its financing obligations.
In March of 2013, Trulan negotiated a loan agreement with a
private investment group for US$1,000,000 that was to be provided
in stages as necessary to advance various work initiatives on the
IGP mineral properties. After an initial draw of US$150,000 against
the loan facility, further funds were not advanced as requested by
the Company. This situation left many obligations that the company
agreed to, in various stages of progress and, ultimately,
incomplete.
Management has endeavoured to resolve the loan issue over
several months in order to continue with the project to no avail.
The Company learned recently that the investment group lost its
ability to fund the project but neglected to formally inform Trulan
of this circumstance in a timely manner. This has resulted in the
Company being unable to further the planned exploration and work
programs or complete certain feasibility and metallurgical studies
begun in conjunction with the initial financing. Additionally,
Trulan has had to close its office in Santiago and abandon its
wholly owned Chilean subsidiary.
The failure to fulfill on the financing commitment has affected
the Company's ability to maintain the property claims, remit tax
payments and annual fees, and has put the entire Definitive
Agreement with the Vendor of the property in jeopardy. The
situation has also been a significant hindrance in attracting other
potential investors to the project until certain legal matters
attendant to the loan facility, and the failure to complete the
financing, have been fully considered and resolved.
Trulan management has continued to pursue possible solutions to
resolve matters and get the project back on track in order to fully
advance its business plan but is also pursuing new potential
opportunities in the interest of enhancing shareholder value.
This news release was prepared on behalf of the Board of
Directors, which accepts full responsibility for its contents. For
more information please contact Corporate Relations at 702-430-9189
or info@trulanresources.com
Robert Rosner Director
Forward-looking Statement:
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS
NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING
STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS,
EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE
HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS
NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS
THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE
PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE,"
"ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS
ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE
COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH
MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE
COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS FILED AND
PUBLISHED ON WWW.OTCMARKETS.COM, RESPECTIVELY, AND FROM
TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE
COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY
APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL
REQUIREMENTS AND THE COMPANY''S ABILITY AND LEVEL OF SUPPORT FOR
ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO
ASSURANCE THAT THE COMPANY''S EXPLORATION EFFORTS WILL SUCCEED AND
THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE
FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS
RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE
FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL
RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING
STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS,
EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE
REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS,
EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS
SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD
ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC
REPORTS FILED AND PUBLISHED FROM TIME-TO-TIME ON
WWW.OTCMARKETS.COM. THIS NEWS RELEASE HAS BEEN PREPARED BY
MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS
CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR
DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE
SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
Trulan Resources Inc. Corporate Relations: 702-430-9189
info@trulanresources.com www.trulanresources.com
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