In addition, subject to TSXV approval, the Company has offered security to the holders of all the Promissory Notes (the "Promissory Note Holders"). The Promissory Note Holders acknowledge the existence of legal action initiated by Cortec Mining Kenya Limited ("CMKL") against the Cabinet Secretary of the Ministry of Mining in the High Court of Kenya (Miscellaneous Application No. 298 of 2013) with regards to the purported revocation of CMKL's Special (Mining) Licence 351 (the "Licence"). Upon the unencumbered return of the Licence to CMKL (as a result of either a favourable ruling from the High Court of Kenya which is not appealed, or a settlement entered into by CMKL with the Government of Kenya), Pacific Wildcat will, within 10 business days, apply to the TSXV for acceptance of the amendment of the Promissory Notes to provide that the amounts outstanding under such Promissory Notes be secured against Pacific Wildcat's interest in the shares that it owns of UK company Stirling Capital Limited (owner of a 35% interest in CMKL). Within 10 business days of the receipt of TSXV acceptance to the amendment of the Promissory Notes, Pacific Wildcat will use reasonable commercial efforts to enter into such agreements with the Promissory Note Holders.
Darren Townsend, PAW President and CEO, commented: "The extension of the date of these Promissory Notes is an important first step in restructuring the Company's debt obligations. The Company will continue to work with the Promissory Note Holders during the first half of
2014 with a view to further restructuring the debt obligations during this period."
Party | Insider Y/N | Original Drawdown Date | Annual Interest Rate % - Annual Compound | PRINCIPAL | INTEREST (31st December 2013) | PRINCIPAL + INTEREST |
ON BEHALF OF THE BOARD OF DIRECTORS OF
PACIFIC WILDCAT RESOURCES CORP.
"Darren Townsend", President & CEO
Contact information:
Terese Gieselman
Company Secretary/Chief Financial Officer
Pacific Wildcat Resources Corp. Email: info@pacificwildcat.comTelephone: +1-250-768-0009
Pacific Wildcat Resources Corp. website: www.pacificwildcat.com
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". PAW owns 100% of Stirling Capital Ltd and Cortec Pty Ltd, two UK companies that between them own a 70% interest in Cortec Mining Kenya Limited, a Kenyan company which has the mining rights (please note Company's Press Release # 2013-17, on purported revocation of mining licences issued since January 2013 by Kenyan Government for a 60 day review period) to the Mrima Hill Niobium and Rare Earth Project in Kenya. In July 2013 the Company completed an updated independent Niobium Resource estimate for 47.8 million tonnes at 0.66% Nb2O5 (Indicated Classification) plus 94.4 million tonnes at 0.73 % Nb2O5 (Inferred Classification) at a 0.2% Nb2O5 cut-off. In July 2013 the Company completed an inaugural independent Total Rare Earth Resource estimate for 48.7 million tonnes at 4.44% TREO (Indicated Classification) plus 110.7 million tonnes at 3.61 % TREO (Inferred Classification) at a 1% TREO cut-off. For information about Pacific Wildcat Resources Corp. and its development and exploration activities, shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com. More information on the foregoing mineral resource estimates is included in the Company's news release dated July 29, 2013, titled "High Grade and Large Tonnage Niobium and Rare Earth Resource for Mrima Hill" and in the Technical Report dated September 1, 2013, titled "NI 43-101 Technical Report for the Mrima Hill Niobium and Rare Earth Project, Kwale District, Kenya", which is filed on www.sedar.comand the Company's website. Mr. Benjamin C. Pollard, principal geologist of BMGS Perth Pty Ltd, a qualified person (as defined in NI 43-101) has reviewed and approved the technical information contained in this news release.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. 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.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding receipt of TSXV approval of the amendments to the Promissory Notes, the Company's plans to grant security in respect of its obligations under the Promissory Notes, and plans to further restructure the Company's debt obligations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks associated with regulatory approval, and risks associated with the above-noted Kenyan legal action. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
distributed by
|