04:42:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Huldra Silver Inc
Symbol HDA
Shares Issued 55,569,159
Close 2014-04-16 C$ 0.06
Market Cap C$ 3,334,150
Recent Sedar Documents

Huldra Silver receives $8-million offer for B.C. assets

2014-04-16 16:28 ET - News Release

Mr. Garth Braun reports

HULDRA SILVER PROVIDES UPDATE ON CCAA PROCESS AND OFFER FOR PURCHASE OF CRAIGMONT PROPERTY

Huldra Silver Inc., while under creditor protection under the Companies' Creditors Arrangement Act (Canada), has been actively involved in restructuring the financial affairs of the company. The company has been in negotiations with multiple parties with respect to the disposition of certain assets of the company, including its property and mill located in Merritt, B.C., or the restructuring of the entire company.

On April 12, 2014, the company received an offer from Concept Capital Management Ltd. to purchase its property and mill, which comprise certain lands, a lead/silver/zinc mill, a tailings facility and other assets located in Merritt, B.C., for $8-million to be paid in tranches, with $6-million to be paid on the closing of the purchase and sale, and $2-million to be paid within 90 days of such closing. The closing of transaction contemplated by this offer, if accepted by the company, would be subject to, among other things, receipt of the requisite approval of the Supreme Court of British Columbia, and other parties in accordance with the CCAA and other required corporate approvals.

The board of directors of the company is considering and evaluating the offer made by Concept, and as of the date hereof has not made a decision on whether to accept the offer. In making its decision, the board will consider the terms of the offer made by Concept, the status and terms of its negotiations with other parties with respect to the financial restructuring of the company, the opinion of the monitor assigned to the company under the CCAA proceedings, and such other factors as the board determines are relevant. The current period of creditor protection under the CCAA remains in effect until May 26, 2014. While under CCAA protection, Huldra will continue attempting to restructure its financial affairs.

We seek Safe Harbor.

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