TSXV Trading Symbol: UC
VANCOUVER, Oct. 28, 2014 /CNW/ - UC Resources
Ltd. (the "Company") announces that, subject to
regulatory approval, certain creditors have agreed to accept shares
in the Company for past expenses paid on behalf of the Company by
the creditors and past services provided to the Company by the
creditors, by the issuance of an aggregate of 3,553,888 common
shares of the Company having a deemed value of $0.10 per share.
The Company also has accepted the resignations of the following
directors of the board:
Jim Voisin has resigned as
President, Chief Operating Officer and Director, John Archibald has resigned as Director and
Gregg Roberts has resigned as
Chairman of the Board and Director. Gary
Monaghan will remain as Executive Chairman and Director.
The Company has been in conversation with new
management/directors and will go through the exercise of TSX
approval and forms to be submitted for potential directors and
management prior to an announcement of direction the company will
pursue.
On behalf of the Board of Directors,
Gary Monaghan
Executive Chairman
Neither the 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.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking
within the meaning of certain securities laws, and is subject to
important risks, uncertainties and assumptions. This
forward-looking information includes, among other things,
information with respect to the Company's beliefs, plans,
expectations, anticipations, estimates and intentions. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. The forward-looking information in this news release
describes the Company's expectations as of the date of this news
release. The results or events anticipated or predicted in such
forward-looking information may differ materially from actual
results or events. Material factors which could cause actual
results or events to differ materially from a conclusion, forecast
or projection in such forward-looking information include, among
others, risks arising from general economic conditions and adverse
industry events. The Company cautions that the foregoing list of
material factors is not exhaustive. When relying on forward-looking
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The Company has assumed that the material
factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual
results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.
SOURCE UC Resources Ltd.
