RB Energy Receives Initial Order Under CCAA
BY Market Wire — 8:35 PM ET 10/15/2014
VANCOUVER, CANADA -- (Marketwired) -- 10/16/14 --
RB Energy Inc. (RBEIF RB ENERGY INC)(the "Company" or "RBI") (OTCQX:RBEIF) announces that the Quebec Superior Court has issued an Amended and Restated Initial Order in respect of the Company and certain of its subsidiaries under the Companies' Creditors Arrangement Act (the "CCAA"). The Company is now under the protection of the Court.
The Company also advises that Hale Capital Partners, L.P. has agreed to provide debtor-in-possession ("DIP") financing to RBI, which is expected to provide the Company with up to US$13 million of available capital during the CCAA proceedings. Advances under the DIP will be available after approval by the Court. The Company expects to receive the first advance of US$6 million under the DIP on or before Friday, October 17, 2014. The proceeds of the DIP financing are expected to be sufficient to permit the Company to meet its ongoing obligations during the restructuring process.
KPMG LLP has been appointed monitor under the Court Order. RBI management will remain responsible for the day-to-day operations of the Company, subject to the terms of the Court Order.
The Company will provide further updates as developments occur.
About RB Energy Inc. (RBEIF)
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.
Wow......what a crappy run company this has been. As long as Peter Secker is around this doesn't have a chance IMO.
DD22
Stock Trading...ha ha...Child's Play.
