21:26:45 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Selwyn Resources Ltd (2)
Symbol SWN
Shares Issued 3,941,046
Close 2015-01-16 C$ 3.19
Market Cap C$ 12,571,937
Recent Sedar Documents

Selwyn's ScoZinc buyer Scotian fails to close deal

2015-01-16 20:14 ET - News Release

Mr. Joseph Ringwald reports

SELWYN ANNOUNCES FAILURE OF SCOTIAN TO CLOSE SCOZINC SALE TRANSACTION

Scotian Zinc Mines Ltd. has failed to fulfill its closing obligations under the definitive purchase and sale agreement previously executed by Selwyn Resources Ltd. and Scotian by the closing deadline of Jan. 16, 2015. As a result, the agreement is terminated.

The Selwyn board is extremely disappointed that Scotian did not fulfill its obligations under the agreement despite the granting of two closing extensions and repeated assurances to the contrary from Glenn Laing, president and chief executive officer of Scotian. The company intends to pursue any and all available remedies.

The company continues to believe that the ScoZinc project is a valuable asset, and accordingly, as a result of the termination of the agreement, the company now intends to reopen discussions with other parties to maximize the value of the ScoZinc mine and its related exploration projects immediately. These opportunities may include, but are not limited to, the possible sale, joint venture or other transactions with third parties. Except as required by law, the company does not intend to disclose developments with respect to the consideration of alternatives, until warranted. The company cautions that there are no assurances that any alternative will be undertaken or pursued.

Selwyn is well financed with a cash balance of approximately $4.6-million at Dec. 31, 2014, which is sufficient to maintain the ScoZinc mine on care and maintenance for several years.

We seek Safe Harbor.

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