RB Energy Provides Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 8, 2014) - RB Energy Inc. (the "Company" or "RBI") (TSX:RBI)(OTCQX:RBEIF) reports that, further to its press release dated October 3, 2014, the Company has not secured the funding required to maintain current operations.
As a result, and in an effort to curtail costs, the Company has halted operations at its Quebec Lithium Project and has temporarily laid off all employees other than those employees required to maintain the Quebec Lithium Project on a care and maintenance basis.
The Company also announces that Messrs. Ron Hochstein, Robert Chase and Pablo Mir have resigned as directors of the Company. The Company's board of directors is now comprised of Messrs. Kerry Knoll, Richard Clark, Simon Jackson, Peter Secker, Stephane Bertrand and Ian MacDonald.
The Company will provide further updates as developments occur.
About RB Energy Inc.
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.
Forward-Looking Statements
Certain information contained in this news release, including any information relating to the development and commissioning of the Quebec Lithium project, any potential sources of funding, temporary shutdown of operations at the Quebec Lithium project and the ability to continue operations with limited liquidity are "forward-looking statements". These forward-looking statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities of RBI. These forward-looking information also reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. The estimates and assumptions of RBI underlying the forward-looking statements in this news release may prove to be incorrect. Assumptions upon which such forward looking information is based include, among other things, the development and commissioning of the Quebec Lithium project, the Company's ability to obtain funding, the impact of the temporary shutdown of operations at the Quebec Lithium project and adequate liquidity to support its activities. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. RBI expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board,
Richard P. Clark, President and CEO