Orosur Mining Orosur Mining Inc. - Loryser Creditors Agreement Approved by Court
September 17 2019 - 2:00AM
UK Regulatory
TIDMOMI
Orosur Mining Inc. ("Orosur" or "the Company") (TSX: OMI)
(AIM:OMI) announces that the Court in Uruguay has approved the
payment plan agreement between the Company's wholly owned
subsidiary, Loryser SA ("Loryser") and Loryser's creditors (the
"Agreement").
As previously announced, Loryser applied for a reorganization
process in June 2018. In December 2018, Loryser proposed the
Agreement to which 71.48% of its creditors consented. The public
notice period has concluded, without opposition, and the Agreement
has now been approved by the Reorganization Court in Montevideo.
The Court decree was publicly posted on September 13, 2019. The
ratification by the Court means that the Agreement is legally
binding on all creditors and that Intervenor's control over Loryser
ceases.
The Agreement provides that the net proceeds from the sale of
Loryser's assets in Uruguay, together with the issuance of 10
million common shares in Orosur, shall fully satisfy all amounts
owing by Loryser to its creditors, as well as provide funds for
Loryser to conduct this process and manage the orderly closure of
its operations. The Agreement requires Loryser to manage and
complete the sale and payment process within two years, starting
from the date of the ratification by the Court. The issuance of
common shares in Orosur is subject to the approval of the Toronto
Stock Exchange.
Ignacio Salazar, CEO of Orosur, said:
"Following the strong support received to our proposed Agreement
in Uruguay, we are pleased to have completed now the ratification
process with the approval from the Court. The ratification means
that the Agreement is legally binding on all creditors and that
Intervenor´s control over Loryser ceases. This is a significant
milestone in achieving a satisfactory conclusion for all
stakeholders in Uruguay."
Forward Looking Statements
All statements, other than statements of historical fact,
contained in this news release constitute "forward looking
statements" within the meaning of applicable securities laws,
including but not limited to the "safe harbour" provisions of the
United States Private Securities Litigation Reform Act of 1995 and
are based on expectations estimates and projections as of the date
of this news release.
Forward-looking statements include, without limitation, the
ability to implement the creditors Agreement successfully including
approval from the TSX to issue shares as well as continuation of
the business of the Company on a going concern and other events or
conditions that may occur in the future. The Company's continuance
as a going concern is dependent upon its ability to obtain adequate
financing, to reach profitable levels of operations and to reach a
satisfactory implementation of the Agreement. These material
uncertainties may cast significant doubt upon the Company's ability
to realize its assets and discharge its liabilities in the normal
course of business and accordingly the appropriateness of the use
of accounting principles applicable to a going concern. There can
be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such forward looking statements. Such statements are
subject to significant risks and uncertainties including, but not
limited to, those as described in Section "Risks Factors" of the
Company's most recent Management's Discussion and Analysis and
Annual Information Form. The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events and such
forward-looking statements, except to the extent required by
applicable law.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals
developer and explorer focused on identifying and advancing gold
projects in South America. The Company operates in Colombia and
Uruguay.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. If you
have any queries on this, then please contact Ryan Cohen, VP
Corporate Development of the Company (responsible for arranging
release of this announcement on behalf of the Company) on: +1 (778)
373-0100.
Orosur Mining Inc Ignacio Salazar, Chief Executive OfficerRyan
Cohen, VP Corporate Developmentinfo@orosur.ca Tel: +1 (778)
373-0100
SP Angel Corporate Finance LLP - Nomad & Broker Jeff
Keating/ Stephen WongTel: +44 (0)20 3 470 0470
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190916005962/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 17, 2019 02:00 ET (06:00 GMT)
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