Spur Ventures Transaction Update
13 Juni 2014 - 12:40AM
Marketwired
Spur Ventures Transaction Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 12, 2014) -
Further to the news release dated May 15, 2014, Spur Ventures Inc.
("Spur" or the "Company") (TSX-VENTURE:SVU)(OTCBB:SPVEF) is pleased
to provide an update on the status of the previously announced
transaction (the "Transaction") with Atlantic Gold NL
("Atlantic").
The Transaction continues to progress as expected with Atlantic
intending to hold the requisite shareholder meetings by the end of
July 2014 and to seek court approval in early August 2014. The
Scheme is expected to be implemented before the end of August 2014.
A draft of the scheme booklet and ancillary documentation has been
submitted to the Australian Securities and Investments Commission
("ASIC") for review and comment and the final document is expected
to be despatched to Atlantic shareholders before the end of the
month.
In addition, Spur and Atlantic have agreed in principle to an
increase the previously announced C$1 million Loan Facility to
C$1.8 million.
Further updates on the Transaction will be provided in due
course.
On behalf of the Board of Directors
John Morgan, President and Chief Executive Officer
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.
Forward-Looking Statements:
This release contains certain "forward-looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements and information
are not historical facts, are made as of the date of this press
release, and include, but are not limited to, statements regarding
discussions of future plans, guidance, projections, objectives,
estimates and forecasts and statements as to management's
expectations with respect to, among other things, the transactions
contemplated under the HOA, the Scheme, the Alternative
Transaction, the share purchase program recently announced by
Atlantic and otherwise in connection with the proposed Transaction,
any benefits to any shareholder of either Spur or Atlantic that may
result from the proposed Transaction, the listing of common shares
and Spur Warrants issued under the Transaction on the ASX, and the
timing and receipt of requisite regulatory, court and shareholder
approvals in respect thereof. These forward looking statements
involve numerous risks and uncertainties and actual results may
vary. Important factors that may cause actual results to vary
include without limitation, certain transactions, the successful
completion of the Transaction, the timing and receipt of certain
approvals, changes in commodity and power prices, changes in
interest and currency exchange rates, risks inherent in exploration
results, timing and success, inaccurate geological and
metallurgical assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources),
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials,
equipment and third party contractors, delays in the receipt of
government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety and
environmental matters), political risk, social unrest, and changes
in general economic conditions or conditions in the financial
markets. In making the forward-looking statements in this press
release, Spur has applied several material assumptions, including
without limitation, the assumptions that: (1) the receipt of
necessary consents and approvals and satisfaction of all conditions
precedent for the completion of the Transaction in a timely manner;
(2) market fundamentals will result in sustained gold demand and
prices; (3) the receipt of any necessary approvals and consents in
connection with the development of any new properties; (4) the
availability of financing on suitable terms for the development,
construction and continued operation of any mineral properties; and
(5) sustained commodity prices such that any properties in or put
into operation remain economically viable. Information concerning
mineral reserve and mineral resource estimates also may be
considered forward-looking statements, as such information
constitutes a prediction of what mineralization might be found to
be present if and when a project is actually developed. Certain of
the risks and assumptions are described in more detail in the
Spur's audited financial statements and MD&A for the year ended
December 31, 2013 and the quarter ended March 31, 2014 on the SEDAR
website at www.sedar.com. The actual results or performance by Spur
could differ materially from those expressed in, or implied by, any
forward-looking statements relating to those matters. Accordingly,
no assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any
of them do so, what impact they will have on the results of
operations or financial condition of Spur. Except as required by
law, we are under no obligation, and expressly disclaim any
obligation, to update, alter or otherwise revise any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Spur Ventures Inc.John MorganPresident and Chief Executive
Officer+1 604 689 5564
(TSXV:SVU)
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