Re: No money to audit the books. Cease trading next?
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Ni, Co, Cu, PGM, Au Properties in Ontario Canada
Producing Mines and "state-of-the-art" Mill
Message: No money to audit the books. Cease trading next?
Just comparing updates wrt the financing negotiations. Can we assume that the April 1st deadline as mentioned in the earlier press release has essentially been changed to something later??
TSX: LBE
Feb 26, 2009 16:45 ET
Liberty Provides Further Update
EDMONTON, ALBERTA--(Marketwire - Feb. 26, 2009) - Liberty Mines Inc. ("Liberty or the Company") (TSX:LBE) announces that further to the press release of February 19, 2009, the note-holders shall refrain from enforcing or directing the Trustee of the loan to enforce any rights under the indenture securing the loan until April 1, 2009 providing there are no actions by creditors which materially deteriorate the security position of the note-holders or the Trustee.
The note-holders encouraged management to pursue alternative financing arrangements with one or more third parties to ensure the long term well being of the Company. Management hopes to conclude negotiations and announce the signing of a definitive agreement soon.
About Liberty Mines Inc.
Liberty Mines Inc. is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. It owns and operates the Redstone nickel concentrator near Timmins Ontario. Its operations are presently under care and maintenance due to low commodity prices.
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EDMONTON, ALBERTA, Mar 31, 2009 (Marketwire via COMTEX News Network) --
Liberty Mines Inc. ("Liberty or the Company") (TSX:LBE) wishes to advise that pursuant to National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), the Company will be in default for failing to file its audited financialstatements
, MD&A and AIF for the year ended December 31, 2008 at the close of markets today. The financial statements should have been filed on or before March 31, 2009 pursuant to relevant securities laws. Cash flow difficulties have prevented the Company from having its auditors complete the preparation of the audited financial statements. It is anticipated that the financial statements will be filed by no later than May 12, 2009. The Alberta Securities Commission may impose a cease trade order on the trading of the securities of the Company for a period of time specified in the order, which has not yet been received by the Company.
Negotiations for a financing arranged by the Company have essentially concluded and a definitive agreement based on the negotiated terms is in progress. Upon successful completion of the agreement, a press release will be issued specifying the details of the financing.
About Liberty Mines Inc.
Liberty Mines Inc. is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. It owns and operates the Redstone nickel concentrator near Timmins Ontario. Its operations are presently under care and maintenance due to low commodity prices.
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