(via TheNewswire)
Highlights
The Company would like to encourage all officially listed creditors of the
Tucano Group to contact South Atlantic’s subsidiary inBrazil through the contact information made available in the Judicial Process, as the Company would like to engage with all creditors regarding their potential interests and potential terms of negotiation.The Judicial Process has many stages. At the current stage, the process requires a decision to be made by a majority of the creditors1of
Tucano Group in each of several different classes of creditors by mid-September.Throughout the next few weeks, South Atlantic anticipates that it will continue to grow its base of supportive creditors, which could culminate in a plan reflecting South Atlantic’s indicative proposal being presented by the supporting parties and approved by the required majorities.
As previously disclosed, certain creditors of
Tucano Group have already expressed that they have given priority to the proposal made by South Atlantic to acquireTucano Group . SouthAtlantic has also received letters of priority and other similar support from creditors that are strong influencers and leaders in the mining space inBrazil .The Judicial Process may have several different outcomes and many additional phases as it is ultimately dependent on thedecision(s) of the creditors and the relevant court1.
In the event that no restructuring plan is accepted by the creditors (including the plan reflecting South Atlantic’s proposal or the plan from the debtor or any future variations), the complete bankruptcy of
South
About
South
ON BEHALF OF THE BOARD
For more information regarding this news release, please contact:
T: 250-762-5777
Email: ir@southatlanticgold.com
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking Information”, as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions;; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Neither the
1 The Judicial Process is public, details on the creditors listing and further detailed information is available on: https://www.zveiter.com.br/post/mina-tucano-recupera%C3%A7%C3%A3o-judicial
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