TORONTO, Dec. 3, 2015 /CNW/ - PricewaterhouseCoopers Inc.,
the court appointed monitor (in such capacity, the "Monitor") of
Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX
Venture: GWG) (OTCQX: GWMGF), announced that it has filed an
assignment in bankruptcy under the Bankruptcy and Insolvency
Act (the "BIA") on behalf of the Company.
Extension of Stay Period and Authorization to File an
Assignment in Bankruptcy
On November 30, 2015, the Ontario
Superior Court of Justice (Commercial List) issued an order
extending the stay of proceedings under the Initial Order issued
under the Companies' Creditors Arrangement Act to
January 29, 2016 and authorizing the
Monitor to file an assignment in bankruptcy on behalf of the
Company. The Monitor filed the assignment in bankruptcy with
the Office of the Superintendent of Bankruptcy on December 2, 2015, which appointed
PricewaterhouseCoopers Inc. as trustee of the estate of the Company
(in such capacity, the "Trustee").
Pursuant to the provisions of the BIA, any creditor wishing to
prove a claim against the Company must file a proof of claim with
the Trustee.
The first meeting of creditors is scheduled to occur on
December 22, 2015 at 10:00 a.m. EST at the offices of
PricewaterhouseCoopers Inc. located at 18 York Street, 26th Floor,
Room 26014, Toronto, Ontario,
Canada.
About GWMG
GWMG was a manufacturer and supplier of rare earth element-based
metal alloys. For further details on GWMG please refer to
information provided on its website at www.gwmg.ca and its
regulatory filings available under its name on SEDAR at
www.sedar.com.
For further information regarding the bankruptcy and the CCAA
proceedings, please refer to the website of the Monitor at the
following web
address: http://www.pwc.com/car-greatwesternmineralsgroup
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts any responsibility for the adequacy or
accuracy of this release.
Cautionary Statements
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements
(often, but not always, identified by the use of words such as
"expected", "may", "could", "anticipate" or "will" and similar
expressions (including negative and grammatical variations)) may
describe expectations, opinions or guidance that are not statements
of fact and which may be based upon information provided by third
parties. Forward-looking statements are based upon the
opinions, expectations and estimates as at the date the statements
are made and are subject to a variety of known and unknown risks
and uncertainties and other factors that could cause actual events
or outcomes to differ materially from those anticipated or implied
by such forward-looking statements. Those factors include, but
are not limited to; the adequacy of the Company's financial
resources and receipt of any Court approvals. Although GWMG
believes that the expectations reflected in the forward-looking
statements set out in this press release or incorporated herein by
reference are reasonable, it can give no assurance that such
expectations will prove to have been correct. Except as
required by law, GWMG does not assume any obligation to update
forward looking statements as set out in this News
Release. The forward-looking statements of GWMG contained in
this News Release, or incorporated herein by reference, are
expressly qualified, in their entirety, by this cautionary
statement.
SOURCE Great Western Minerals Group