RB Energy Provides an Update on Financing Efforts
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 3, 2014) - RB Energy Inc. (the "Company" or "RBI") (TSX:RBI)(OTCQX:RBEIF) reports that the proposed offering of secured convertible debentures to be conducted on a best efforts basis (the "Offering") (News Release dated September 15, 2014) has not yet been completed due to difficult market conditions.
The Company continues its efforts to complete the Offering and at the same time is in discussions with its bankers and other stake holders to consider alternative options, including a temporary shutdown of operations at its Quebec Lithium project.
There is no assurance that the Company will be able to complete the Offering or arrange alternate sources of funding.
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 Québec Lithium Project near Val d'Or, the geographical heart of the Québec mining industry. The Aguas Blancas mine is currently in production. The Québec Lithium Project has completed construction and is in the commissioning phase. 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 development and commissioning of the Quebec Lithium Project, the potential completion of the Offering, alternate sources of funding, temporary shutdown of operations at the Quebec Lithium Project and the ability to continue operations with limited liquidity 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 development and commissioning of the Quebec Lithium Project, the Company's ability to complete the Offering or obtain alternate sources of funding, the impact of a temporary shutdown of operations at the Quebec Lithium Project and adequate liquidity to support the Company's activities. 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