Dynasty Provides First 100 Days Corporate Update
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/09/17 -- Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (TSX: DMM)(OTCQX: DMMIF) is pleased to provide an update on its first 100 days of operations since the change of management disclosed in its press release issued on September 14, 2016.
Highlights of corporate update
Dynasty Goldfields'' Project
Zaruma Project
Production forecast
Exploration
Government, wages, vendor liabilities update
At the time of the completion of the private placement and change of management in September 2016, the Company was experiencing significant setbacks in three primary areas: taxes owed to the Government, outstanding wages to employees, and vendor debts.
Vertex Managed Value Portfolio and Vertex Enhanced Income Fund (collectively, "Vertex") Restructuring
On September 7, 2016, the Company entered into a restructuring agreement dated September 7, 2016 (the "Restructuring Agreement") with Vertex, to defer the debt payments owing by the Company to Vertex. Please refer to the Company''s press release issued on September 7, 2016 for further details.
Vancouver Corporate
Private placement - convertible debenture
The Company is pleased to announce an offering, on a private placement basis, of a US$1.0 million convertible secured subordinated debenture with the following key terms (the "Private Placement"):
Credipresto SAPI de CV SOFOM ENR ("Credipresto") will be the subscriber for in the Private Placement. Credipresto has already fully advanced the US$1.0 million in multiple tranches over time, which debt will be replaced by the convertible debenture. Based on current exchange rates, if the convertible debenture is fully converted into common shares of the Company, approximately 5,317,200 common shares of the Company would be issuable to Credipresto. The offering is subject to customary closing conditions including Toronto Stock Exchange approval, and is expected to close on or before January 31, 2017.
The proceeds of the loan will be used for working capital and general corporate purposes.
Keith Piggott, President and Chief Executive Officer of Dynasty commented: "We are happy that the first 100 days of our new management with a diverse skilled team, has implemented initial changes to improve efficiency, together with bringing on stream the Dynasty Goldfields Project, restarting the Portovelo Treatment Plant and recommencing operations at the Zaruma mine. The loan from Credipresto will provide Dynasty extra working capital to further advance our operations in Ecuador which is expected to bring the Company to positive cash flow in 2017. I would especially like to thank The Minister of Mines in Ecuador and other officials for their advice in strengthening our social and local relationships and concession restructuring, and also the dignitaries of the local communities of Zaruma, Portovelo and Celica who have facilitated our ability to recommence operations."
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production and continued development at its Zaruma Gold Project. The Company also owns the Dynasty Goldfields Project, a permitted property 180km southwest of the Zaruma project, and the Jerusalem Project, an exploration property immediately south of the Fruta del Norte project.
For further information please visit the Company''s website at .
Scientific and technical information relating to Zaruma and Dynasty Goldfields presented herein have been reviewed and approved by Rodney A. Blakestad, J.D., C.P.G., a Qualified Person as defined in Nation Instrument 43-101.
Forward-Looking Information
This news release contains statements which are, or may be deemed to be, "forward-looking information" which are prospective in nature. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Such information in this news release includes, without limitation, statements regarding the use of proceeds from the Private Placement, plans for completion of the Restructuring Agreement and the Company''s production forecasts. Forward looking information is based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including assumptions relating to the ability of the Company and the other parties thereto to satisfy the conditions required in order to complete the Private Placement, the Restructuring Agreement and all related arrangements; the Company''s ability to successfully implement its business plan in respect of its Ecuador projects; the expected benefits of the Private Placement, Restructuring Agreement and new management on the business of the Company; and the Company''s ability to reach agreements with the Ecuadorian Government, employees and vendors regarding debts. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Dynasty''s actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Important risks that could cause Dynasty''s actual results, revenues, performance or achievements to differ materially from Dynasty''s expectations include, among other things, that the conditions to closing the Private Placement will not be satisfied and that the Company will be unable to complete the Private Placement, that the conditions to closing the Restructuring Agreement will not be satisfied and that the Company will be unable to complete the Restructuring Agreement; the Company will not be able to successfully implement its business plan in respect of its Ecuador projects under new management and a reconstituted board; and risks found in Dynasty''s Annual Information Form for the year ended December 31, 2015, which is available on SEDAR at . Other than in accordance with regulatory obligations, Dynasty is not under any obligation and Dynasty expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Dynasty Metals & Mining Inc.
Keith Piggott
Chief Executive Officer
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Datum: 09.01.2017 - 15:43 Uhr
Sprache: Deutsch
News-ID 1479320
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