TSX.V: GBN
SASKATOON, April 8, 2016 /CNW/ - Golden Band Resources Inc.
("Golden Band" or the "Company") (TSXV: GBN) announces that its
senior secured lender, Procon Resources Inc. (the "Lender"),
has made demand upon the Company for payment by April 18, 2016 of all amounts due and owing by
the Company under the credit agreement originally between the
Company and Waterton Global Value, L.P. dated August 3, 2012 which, as of the date hereof, are
approximately $19.6 million,
exclusive of professional fees and costs. In addition, the
Company has received a Notice of Intention to Enforce Security
under section 244 of the Bankruptcy and Insolvency Act
(Canada) from the Lender.
The Company is taking the notifications seriously and continues
to review and consider its alternatives to resolve the
situation. At present, there can be no assurance as to what,
if any, alternatives might be pursued by the Company.
About Golden Band
Golden Band Resources Inc. is a gold producer operating in
the La Ronge gold belt in northern
Saskatchewan and is listed on the
TSX Venture Exchange in Canada
under the symbol GBN. Commercial production was declared on
April 1, 2011. The Company has
suspended mining operations (see news release of June 30, 2014) but has been actively exploring
the La Ronge Gold Belt since 1994 and has assembled a land package
of 870 km2, including 13 known gold deposits and five
former producing mines, being Jolu, Decade, Star Lake, EP and Komis (the La Ronge Project
area).
On behalf of the Board of Directors of Golden Band Resources
Inc.,
"Paul Saxton"
Paul Saxton, CEO
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 future plans, objectives or expectations of
Golden Band Resources Inc. (Company) 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 the Company's plans or
expectations include risks relating to the failure to obtain
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 the
Company. The Company 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 Golden Band Resources Inc.