MONTREAL,
Jan. 20, 2014 /CNW Telbec/ - Further
to its press release of January 10,
2014, Maudore Minerals Ltd. ("Maudore" or the "Company")
(MAO: TSX-Venture; MAOMF: US OTCQX; M6L:
Frankfurt Exchange) reports on its recent progress towards reaching
a revised consensual restructuring of debts owed to FBC Holdings
S.A.R.L ("FBC").
As a result of the Company not closing its
previously announced rights offering, its cash position has been
strained. FBC has therefore agreed to provide the Company with
bridge financing in the amount of $722,000 by allowing the Company to access funds
that were previously deposited in an interest escrow account
established in favor of FBC. These funds, together with
Maudore's existing funds, are expected to enable Maudore to fund
its operations during the negotiation of the revised restructuring
of its debts owed to FBC and its other major creditors. The Company
is optimistic that such negotiation will be successfully concluded
in a timely manner and that it will result in a more permanent
funding solution to the Company's financing needs being put into
place; however, no assurances can be given regarding the timing or
the outcome of such negotiation process.
About Maudore Minerals Ltd.
Maudore is a Quebec based junior gold company with milling
operations and more than 22 exploration projects, of which five are
at an advanced stage toward development with reported current and
historical resources. The Company's projects span some 120
kilometers, east-west, of the underexplored Northern Volcanic Zone
of the Abitibi Greenstone Belt and cover a total area of 1570
km2 with the Sleeping Giant Processing Facility within
trucking distance of key development projects.
Cautionary Statement Regarding
Forward-Looking Statements
This release and other documents filed by the
Company contain forward-looking statements. All statements that are
not clearly historical in nature or that necessarily depend on
future events are forward-looking, and the words "intend",
"anticipate", "believe", "expect", "estimate", "plan" and similar
expressions are generally intended to identify forward-looking
statements. These forward-looking statements include, without
limitation, performance and achievements of the Company, business
and financing plans, business trends and future operating revenues.
These statements are inherently uncertain and actual achievements
of the Company or other future events or conditions may differ
materially from those reflected in the forward-looking statements
due to a variety of risks, uncertainties and other factors,
including, without limitation, financial related risks, unstable
gold and metal prices, operational risks including those related to
title, significant uncertainty related to inferred mineral
resources, operational hazards, unexpected geological situations,
unfavourable mining conditions, changing regulations and
governmental policies, failure to obtain required permits and
approvals from government authorities, failure to obtain any
required approvals of the TSXV or from shareholders, failure to
obtain any required financing, failure to complete any of the
transactions described herein, increased competition from other
companies many of which have greater financial resources,
dependence on key personnel and environmental risks and the other
risks described in the Company's continuous disclosure
documents.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Maudore Minerals Ltd.