Pan American Fertilizer Provides Update on Late Year End 2013 Filing and Corporate Activities
28.10.2014 | The Newswire
Vancouver, October 28, 2014 - Pan American Fertilizer Corp. (TSX.V: PFE, Frankfurt: 6GF) (the "Company" or "Pan American") provides an update to its 2013 Year End Filings and corporate activities. Completion of the December 31, 2013 Year End audit has been further delayed as the Company's auditors await final confirmation from third parties in Argentina and complete their review of subsequent transactions up to the date of issuance of the audit report.
The Company has obtained bridge financing of $170,000 which has allowed it to continue its operations in Argentina. Since the Company was seeking over $300,000, it may not have enough cash to continue operations to the end of 2014, unless significant revenues can be generated from the Argentina operations and its major debt holders agree to restructure their debts.
After operational delays due to equipment repairs, the Company's Manto Blanco mine is now in full operation and is beginning to supply key customers in Argentina and Paraguay. The Company continues to focus on restricting expenditures, fulfilling sales orders and working with its customers to obtain more favourable trade terms and prepayment of their orders.
About Pan American Fertilizer Corp.
Pan American is a Canadian company dedicated to providing fertilizer to growing agricultural markets specifically in the Cono Sur of South America. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum") in Argentina. To ensure long term development and increase shareholder value, Pan American plans to significantly expand its current operational objectives while building its asset base by acquiring additional calcium sulphate properties and other fertilizer related assets and by expanding its markets to countries of the Cono Sur which neighbor Argentina, such as Paraguay, Uruguay, Chile and Brazil.
On behalf of the Board of Directors of Pan American Fertilizer Corp.
"Rob Rennie"
Dr. Rob Rennie, Executive Chairman
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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