TSX.V (NEX Board): GBN.H
SASKATOON, Aug. 12, 2016 /CNW/ - Golden Band Resources
Inc. ("Golden Band" or the "Company") (TSXV: GBN) announces that,
in connection with the proposal proceedings initiated by the
Company on April 15, 2016 under the
Bankruptcy and Insolvency Act (Canada), it has obtained an Order of the Court
of Queen's Bench For Saskatchewan granting it approval to, among
other things, implement the Bankruptcy and Insolvency Act
proposal by the Company to its creditors (the "Proposal"), which
Proposal was approved by creditors on July
22, 2016.
Pursuant to the Proposal, among other things, all of the
existing equity interests in the Company have been retracted,
cancelled and extinguished and new equity interests in the Company
have been issued to Procon Resources Inc.
Golden Band will apply to cease
to be a reporting issuer and for de-listing from the NEX board of
the TSX Venture Exchange.
About Golden
Band
Golden Band Resources Inc. is a former gold producer
operating in the La Ronge gold
belt in northern Saskatchewan and
is listed on the NEX board of the TSX Venture Exchange in
Canada under the symbol GBN.H.
Commercial production was declared on April
1, 2011. The Company has suspended mining operations
(see news release of June 30,
2014) but has been actively exploring the La Ronge Gold
Belt since 1994 and has assembled a land package of 870
km2, including 13 known gold deposits and six former
producing mines, being Roy Lloyd,
Jolu, Decade, Star Lake, EP and
Komis (the La Ronge Project area). On April
15, 2016, the Company filed a Notice of Intention To
Make a Proposal to its Creditors under section 50.4 of the
Bankruptcy and Insolvency Act (Canada), to assist its restructuring
efforts. On July 22,
2016, the Bankruptcy and Insolvency Act proposal by
Golden Band to its creditors was
approved by creditors (see news release of July 22, 2016).
On behalf of the Board of Directors of Golden Band Resources
Inc.,
"Paul Saxton"
Paul Saxton, CEO
Caution Regarding Forward-Looking Information and
Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements regarding the application to cease to be a reporting
issuer and for de-listing from the NEX board of the TSX Venture
Exchange are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's plans or expectations include risks
relating to necessary regulatory approvals, regulatory changes,
timeliness of government or regulatory approvals and other risks
detailed herein and from time to time in the filings made by the
Company. The Company makes all reasonable efforts to update its
corporate information on a timely basis.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Golden Band Resources Inc.