VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2014) - RB Energy Inc. (the "Company" or "RBI") (TSX:RBI)(OTCQX:RBEIF) has been advised by the Toronto Stock Exchange (the "TSX") that it will de-list the Company's common shares effective at the close of business on November 24, 2014 for failure to meet the continued listing requirements of the TSX. The Company's common shares will remain suspended from trading until that time.
The Company is currently subject to creditor protection under the provisions of the Companies' Creditors Arrangement Act (the "CCAA") and is pursuing all options to restructure its affairs. This process is expected to span a period of a few months. While there is no assurance that the Company will be successful in restructuring its affairs, if these efforts are successful, and the Company emerges from creditor protection, it will then consider re-listing its common shares on the TSX or another exchange.
About RB Energy Inc.
RBI is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. For more information regarding RBI, please refer to its public filings available at
www.sedar.com.
Forward-Looking Statements
Certain information contained in this news release, including any information relating to the Company's ability to restructure its affairs, the delisting and listing of the Company's common shares, CCAA proceedings and emerging from creditor protection are "forward-looking statements". These forward-looking statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities of RBI. These forward-looking information also reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. The estimates and assumptions of RBI underlying the forward-looking statements in this news release may prove to be incorrect. Assumptions upon which such forward looking information is based include, among other things, the Company's ability to restructure its affairs, the delisting from the TSX and any potential listing or trading of the Company's common shares, outcome of subsequent CCAA proceedings and creditor protection. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. RBI expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board,
Richard P. Clark, President and CEO