CMQ PROVIDES UPDATE ON DEBT RESTRUCTURING
15 Diciembre 2010 - 8:25AM
PR Newswire (Canada)
CALGARY, Dec. 15 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 15 /CNW/ - CMQ Resources Inc. ("CMQ") (TSXV:NV) is
announcing that it will not be proceeding with the private
placement financing and debt restructuring that were previously
announced on September 1, 2010. Since the date of the initial
announcement of such private placement and debt restructuring, CMQ
has been unable to obtain receipt of all necessary regulatory
approvals in a manner satisfactory to CMQ and Matco Capital Ltd.
("Matco"), CMQ's principal creditor. As a result of the failure of
this proposal, CMQ remains in default under its existing funding
agreement with Matco and does not have any source of capital to
continue its operations. CMQ is currently indebted to Matco for
approximately $2.7 million, including unpaid interest and as at
September 30, 2010 had additional current liabilities of
approximately $400,000 with current assets of only $43,000.
Matco has the contractual right, as at the date hereof, to enforce
its security over all of CMQ's assets, including all of CMQ's
exploration properties. CMQ is attempting to negotiate a
funding and forbearance agreement with Matco in respect of such
default. There can be no assurances that any such funding or
forbearance agreement will be concluded. If a funding and
forbearance agreement is reached, the terms may be punitive to CMQ
and its shareholders. CMQ's directors have not made a filing under
the Companies' Creditors Arrangement Act ("CCAA") because the
prospect of obtaining financing to fund a CCAA process is remote
given the exploratory nature of CMQ's business and the uncertain
value of its assets. CMQ currently has 6,534,670 Common Shares
issued and outstanding. The TSXV does not accept responsibility for
the adequacy or accuracy of this release. Forward-Looking
Statements This press release contains certain forward-looking
statements and forward-looking information (collectively referred
to herein as "forward-looking statements") within the meaning of
Canadian securities laws. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements typically contain statements with words such as
"anticipate", "believe", "plan", "continuous", "estimate",
"expect", "intend", "may", "will", "shall", "project", "would",
"should", or similar words suggesting future outcomes Undue
reliance should not be placed on forward-looking statements, which
are inherently uncertain, are based on estimates and assumptions,
and are subject to known and unknown risks and uncertainties (both
general and specific) that contribute to the possibility that the
future events or circumstances contemplated by the forward-looking
statements will not occur. There can be no assurance that the
plans, intentions or expectations upon which forward-looking
statements are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to CMQ and
shareholders. Forward-looking statements are based on management's
current beliefs as well as assumptions made by, and information
currently available to, management. Though management considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks that
forward-looking statements will not be achieved. The
forward-looking statements contained in this press release are made
as of the date hereof and CMQ does not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement. This press release is not an offer to
sell securities in the United States. Securities may not be offered
or sold in the United States in the absence of registration or an
exemption from registration. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/15/c5315.html
pon CMQ visit CMQ website at (a
href="http://www.cmqresources.com"iwww.cmqresources.com/i/a) or
please contact: Ryan Jennings, CMQ Resources Inc., telephone
number (403) 294-6496./p
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