RB Energy Receives Temporary Order Under CCAA
VANCOUVER, CANADA--(Marketwired - Oct 14, 2014) - RB Energy Inc. (the "Company" or "RBI") (TSX:RBI)(OTCQX:RBEIF) announces that the hearing of the Motion for an Order under the CCAA will resume tomorrow, October 15, 2014, in the Quebec Superior Court. In the interim, the Quebec Superior Court has issued a Limited Initial Order under the Companies' Creditors Arrangement Act (the "CCAA") in respect of the Company and certain of its subsidiaries. The Limited Initial Order provides for a stay of all proceedings until 11:59 p.m. on October 15, 2014 and appoints KPMG LLP as monitor of the business and financial affairs of the Company. The Company is under the protection of the Court during the period of the Limited Initial Order.
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 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 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