NEMI Northern Energy & Mining Inc. Provides Update on Proposed Liquidity Event
15.10.2011 | CNW
VANCOUVER, Oct. 14, 2011 - NEMI Northern Energy & Mining Inc. (the 'Company') Further to the Company's news release of September 28, 2011 announcing its intention to use the majority of the C$73 million in proceeds from the sale of the Company's interest in the Peace River Coal Limited Partnership, plus available cash on hand, to provide securityholders with a liquidity event such as a cash distribution or a share buyback, the Company advises today that it is actively engaged in reviewing options for any proposed liquidity event with the Company's legal, financial and tax advisors. As previously disclosed, any such liquidity event will be subject to, among other factors: regulatory and Stock Exchange approvals, appropriate income tax considerations and approval of the Company's board of directors following consultation with financial advisors. The Company expects to make an announcement in this regard within the coming weeks.This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
CONTACT:
Michael Cooney, Chairman
NEMI Northern Energy & Mining Inc.
(T) (415) 339-8825