SureTrader
Home > Boards > Canadian > Mining/Resources >

Labrador Iron Mines Holdings LTD (LBRMF)

LBRMF RSS Feed 		Add LBRMF Price Alert      Hide Sticky   Hide Intro
Moderator:
Search This Board: 
Last Post: 3/10/2017 4:19:20 PM - Followers: 1 - Board type: Free - Posts Today: 0

Labrador Iron Mines

Holdings Limited

 

Main Office

PO Box 1178 Stn, Toronto Dominion
Toronto, Ontario, Canada, M5K 1P2
Tel: 647-728-4117
Fax: 416-368-5344



$LBRMF

Website: http://www.labradorironmines.ca




 
Labrador Iron Mines (LIM) is engaged in the mining, exploration and development of direct shipping (DSO) deposits located in the Schefferville/Menihek
region of the prolific Labrador Trough. Production commenced at the James Mine and Silver Yards plant in 2011 and through to the end of its
third operating year, the Company sold approximately 3.6 million dry tonnes (3.8 million wet tonnes) in 23 shipments of iron ore into the Chinese spot market.

LIM did not undertake any mining operations in the 2014 to 2016 operating seasons due to the deteriorating iron ore market conditions
and particularly in the context of LIM's previous high operating costs. LIM's current focus is securing additional working capital.

LIM is also planning the development of its Houston Mine, to be in a position to complete construction and begin mining operations
from Houston when market conditions permit, subject to completion of financing and negotiation of major contracts.

On April 2, 2015, LIM instituted proceedings in the Ontario Superior Court of Justice (the "Court") for a financial restructuring by
means of a plan of compromise or arrangement under the Companies' Creditors Arrangement Act ("CCAA") and was granted an order
(the "Court Order"), as amended and extended providing creditor protection. LIM initiated proceedings under CCAA to provide an
opportunity for the orderly restructuring of its business and financial affairs, so as to enable LIM to emerge with a viable business
in the most favourable position to secure additional development financing to proceed with the development of the Houston Project
and continue as a going concern.

On December 14, 2016 the Plan of Compromise and Arrangement under CCAA having been approved at the creditors meetings held on
December 6, 2016, was sanctioned by the Ontario Superior Court of Justice (the "Court") in Toronto. The Plan was approved unanimously
by creditors of LIMH who voted in person or by proxy and by approximately 95% in value of creditors of LIMH's wholly owned subsidiaries
Labrador Iron Mines Limited ("LIM") and Schefferville Mines Inc ("SMI"), with only one creditor with a contested claim voting against approval.

The principal results of implementation of the Plan is the conversion of debts of Labrador Iron Mines Holdings (“LIMH”) into equity in LIMH
and conversion of the debts of LIM and Schefferville Mines Inc ("SMI") into equity in LIM. Also under the Plan, creditors with claims
of $5,000 or less, or creditors with larger claims who elected to reduce their claims to $5,000, were paid in cash and did not receive any equity interest.

Labrador Iron Mines Limited
Former creditors of LIMH now hold, as a group, approximately 22% of the shares of LIMH and former creditors of LIM and SMI now
hold, as a group, a 49% equity interest in LIM.

Houston Iron Royalties Limited
Former creditors of LIM and SMI also received shares in Houston Iron Royalties Limited ("RoyaltyCo"), a newly-formed corporation that has
the right to receive a royalty equal to 2% of the sales proceeds (FOB Port of Sept-Iles) received by LIM from sales of iron ore from
LIM's Houston and SMI's Malcolm properties.


 
 


INVESTOR PRESENTATION (JANUARY 2017)

http://www.labradorironmines.ca/pdf/LIM_Investor_Presentation.pdf

 


MANAGEMENT

John F. Kearney - Chairman & CEO

John Kearney has over 40 years of experience in the mining industry. He is also Chairman or Director of a number of public companies including Canadian Zinc Corporation and Anglesey Mining plc. Mr. Kearney is also a Director of the Mining Association of Canada and is the immediate Past President of the Northwest Territories and Nunavut Chamber of Mines. Mr. Kearney is a member of the Prospectors and Developers Association of Canada, Canadian Institute of Mining and Metallurgy and the Law Society of Ireland. He holds degrees in law and economics from University College Dublin and an M.B.A. degree from Trinity College Dublin. He qualified as a solicitor in Ireland and as a chartered secretary with the Institute of Chartered Secretaries and Administrators in London.
 

Bill Hooley - Director, Vice Chairman

Mr. Hooley is currently Chief Executive of Anglesey Mining plc. He is a professionally qualified mining engineer and has 40 years of experience in the global mineral industry. Previously, he was Managing Director of Micon International Ltd. from 2000 to 2005. In addition, he held various management and executive posts with mining and service companies in the UK and Australia from 1975 to 1999. He holds a degree in mining engineering from the Royal School of Mines, Imperial College, London. Mr. Hooley is also a Fellow of the Australasian Institute of Mining and Metallurgy.
 

Gerald J. Gauthier - Director

Mr. Gauthier is a mining engineer and since September 2008 has been Chief Operating Officer of Xtierra Inc. From August 2005 to June 2008, he was Chief Operating Officer of Nevsun Resources Ltd. From June 2004 until August 2005 he was a mining consultant and from December 2002 until April 2004, he was Vice-President, Mining of Glencairn Gold Corp. Mr. Gauthier has served as President and CEO of United Keno Hill Mines Limited prior to 2001, President, COO Santa Cruz Gold Inc. prior to 1999, and formerly Senior Vice-President Operations Lac Minerals Limited.
 

Matthew Coon Come - Director

Mr. Matthew Coon Come is Grand Chief of the Crees of Northern Quebec and a Board Member of the Grand Council of the Crees (Eeyou Istchee) and the Cree Regional Authority. He was National Chief of the Assembly of First Nations from 2000 to 2003 and previously was Grand Chief of the Grand Council of the Crees in Qubec for 12 years from 1987 to 1999. Earlier he served two terms as Chief of the Mistassini First Nation. Mr. Coon Come is a Founding Member of the Board of Compensation of the Cree Nation and has been a director of Creeco; AirCreebec, Cree Regional Intercompany Enterprise Company and Cree Construction Company and Chairman of Cree Housing Corporation and James Bay Native Development Corporation. He was a founding director of the First Nations Bank of Canada. In 1998 he was awarded the Goldman Prize (Environmental Award) in recognition of his leadership marshalling local, national and international environmental, human rights and tribal communities to create a strong coalition to stop the Great Whale hydro-electric project in northern Quebec. He was awarded Honorary Doctorate of Law degrees by Trent University in 1998 and by the University of Toronto in 2000.
 

Eric W. Cunningham - Director

Mr. Cunningham has been engaged as an independent mining consultant since 1996. He has been a director of Aurora Energy Resources Inc. since April 2006 and was formerly a director of Viceroy Exploration Ltd. Mr. Cunningham was the joint owner of the Golden Kopje Mine in Zimbabwe from 1997 to 2001 and general manager and director of Trillion Resources Inc. He also was Manager of Wright Engineers, and held various positions with Sherritt Gordon Mines. Mr. Cunningham holds a B.Sc in Geology from Rhodes University in South Africa.  
 

Danesh K. Varma - Director

Mr. Varma is a chartered accountant in Canada and in England and Wales, with over 20 years of experience in financial management. He is currently a director of Anglesey Mining plc and of Minco plc. In addition, Mr. Varma serves as the Chief Financial Officer of Minco plc, Conquest Resources Limited and Xtierra Inc.. Previously, he was President of Westfield Minerals Limited and a director of Northgate Exploration Limited.
 

Neil Steenberg - Corporate Secretary

 

NEWS

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00025889

 


STOCKCHART









 
SureTrader
LBRMF
Current Price
Volume:
Bid Ask Day's Range
LBRMF Detailed Quote
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
SureTrader
PlusOneCoin Top Posts
No plusone'd posts yet. Be the first!
PostSubject
#5   Approval of CCAA makinezmoney 03/10/17 04:19:20 PM
#4   Wabush3 project royalties from Iron-Ore of Canada makinezmoney 03/10/17 04:15:11 PM
#3   $LBRMF: Schefferville Area Projects makinezmoney 03/10/17 04:11:53 PM
#2   $LBRMF: LIM 2016 Annual Report makinezmoney 03/10/17 04:06:06 PM
#1   $LBRMF: LIM January 2017 Corporate Presentation makinezmoney 03/10/17 04:04:25 PM
PostSubject
© 2018 InvestorsHub.com, Inc.




Ticker News is disabled