RB Energy to File for Creditor Protection
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 13, 2014) - RB Energy Inc. (the "Company" or "RBI") (TSX:RBI) (OTCQX:RBEIF) announces that, in light of the Company's current financial situation, to facilitate an orderly restructuring of its business and operations, the Board of Directors of the Company has approved a filing on Tuesday, October 14, 2014, for an Initial Order to commence proceedings under the Companies' Creditors Arrangement Act (the "CCAA") from the Quebec Superior Court. The terms and conditions of the restructuring have not yet been determined.
The Company expects that the Initial Order will provide that while the Company and its subsidiaries are under CCAA protection, all proceedings on the part of their creditors will be stayed. The Company will provide further updates as developments occur.
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. 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 receipt of the Initial Order, the CCAA proceedings and 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 obtain the Initial Order 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