Palladon Ventures Enters Into Standstill Agreement With Luxor Capital Partners, LP
15 Octubre 2009 - 12:36PM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1). The Company is pleased to announce that
effective immediately, the Company and Luxor Capital Partners, LP
("Luxor") have entered into a standstill agreement to the extension
agreement dated June 26, 2009 (the "extension agreement"). The
standstill agreement provides for an extension of the October 15,
2009 due date to December 4, 2009. As per the extension agreement,
if the Company completes the interim financing and the other terms
of the extension agreement are met, the Luxor Loans will be due and
payable on December 31, 2010. In connection with the standstill
agreement, the Company will pay down the Luxor Loans in the amount
of US$200,000 (for further information on the extension agreement
and the interim financing, please refer to the Company's press
release dated June 26, 2009).
During the standstill period the Company will continue to work
with Luxor and existing and new investors to finalize both short
and long term financing alternatives with the ultimate intent of
consummating a transaction that pays off Luxor's indebtedness and
provides the Company with additional capital for operations.
In light of the recently released Preliminary Economic
Assessment, management continues to work diligently to advance the
important iron ore project at Iron Mountain for the benefit of all
shareholders.
On Behalf of the Board of Directors,
John W. Cutler, President and Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
advancing the Iron Mountain Project, an iron ore mine located west
of Cedar City, Utah.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company's ability to raise funds to satisfy the Luxor debt.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with mineral exploration and production, (3) a decreased demand for
minerals, (4) any number of events or causes which may delay or
cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems; (5) the risk that
the Company does not execute its business plan, (6) inability to
retain key employees, (7) inability to finance operations and
growth, (8) other factors beyond the Company's control; and (9) the
risk that the Company will not be able to raise funds due to Luxor
Capital Group. These forward-looking statements are made as of the
date of this news release and, except as required by law, the
Company assumes no obligation to update these forward-looking
statements, or to update the reasons why actual results differed
from those projected in the forward-looking statements.
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.
Contacts: Palladon Ventures Ltd. John W. Cutler President &
CEO 801.521.5252 801.521.5454 (FAX) info@palladonventures.com
www.palladonventures.com
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