Stratabound Announces Revocation of Cease-Trade Orders and Provides Updates
Calgary, Alberta--(Newsfile Corp. - November 30, 2015) - Stratabound Minerals Corp. (TSXV: SB) ("Stratabound" or "the Company") is pleased to announce that effective November 27, 2015 the Alberta Securities Commission and the British Columbia Securities Commission have issued orders revoking their recent cease trade orders in respect to the securities of Stratabound. On September 15, 2015 the Company's December 31, 2014 audited financial statements and MD&A were filed, along with the first and second quarter interim financial statements and associated MD&As. All other conditions required by the securities commissions for revocation of the cease-trade orders have been met. Application has been made to the TSX Venture Exchange for resumption of trading of the Company's shares as a Tier 2 issuer.
The Company also announces the filing on SEDAR of its interim financial statements for the period ended September 30, 2015 together with the corresponding MD&A.
The Company is pleased to announce that it has entered into two loan agreements with its controlling shareholder, providing for loans totaling $250,000 to the Company for working capital and to complete the mine closure of the CNE site. The loans bear no interest, mature December 31, 2017 if not repaid sooner, and are secured by the CNE leases as well as the environmental bond that has been posted with the Province of New Brunswick.
The Company recently pleaded guilty to two environmental charges brought by Environment Canada: one under the Fisheries Act and one under the Metal Mining Effluent Regulations (MMER). The New Brunswick Provincial Court established fines against the Company totaling $75,000, of which $25,000 is payable January 29, 2016 and the remaining $50,000 is payable October 14, 2016. Silver Stream has advised that it will waive this condition to closing of the Silver Stream business combination announced on May 25, 2015. The parties will immediately proceed with closing.
Stan Stricker, CEO and Susan Stricker, Secretary Treasurer have resigned their positions with the Company after founding the Company in 1986 and leading its efforts for many years. The board of Stratabound would like to thank Stan and Susan Stricker for their contributions to both the Company and to the Province of New Brunswick. Stan was successful in raising millions of dollars of exploration funds that were used in the Province of New Brunswick over the years. Stan remains on the board of Stratabound. Michael Page has been appointed Interim CEO and will hold the position until the Silver Stream business combination is completed. Susan Stricker remains as CFO on an interim basis and will be resigning upon completion of the Silver Stream transaction. At that time, Terrence Byberg will be appointed the new CEO, Richard Meschke will be appointed as CFO and Margaret Kent will step into the positon of Chairman of the board of directors. The new board of Stratabound is proposed as Michael Page, FAusIMM; Terrence Byberg; Margaret Kent; Dr. Peter N. Calder, P. Eng.; and R. Michael Robb, P.E. Stan Stricker will remain as a technical advisor to the company and sit on the Company's technical advisory committee.
Interim CEO Michael Page comments:
"The proposed merger and the recent revocations of the cease trade orders represent a major turning point for Stratabound and its shareholders. Stan and Susan Stricker have been instrumental in working with Silver Stream management to make these events happen. Stan has been the heart and soul of the Company, having established it 29 years ago with a vision to find and develop base metal mines. He has achieved what he set out to do, doing his best for shareholders, the Province of New Brunswick, and making proud his mentor, Professor Dick Hutchinson, one of the Canadian fathers of the VMS geological model. Sue has provided the financial and administrative direction for the Company. The Board of Stratabound and our proposed partner Silver Stream thank both Stan and Sue for all their contributions and untiring efforts, and look forward to their participation, advice and support of the Company's future endeavors."
For further information contact:
Michael Page, FAusIMM, Interim CEO
403-258-3630
info@stratabound.com
www.stratabound.com or www.stratabound.ca
Inquiries with respect to the Stratabound - Silver Stream transaction may be directed to:
Terry Byberg, President and CEO, Silver Stream Mining Corp.
702-818-1775
info@silverstreammining.com
www.silverstreammining.com
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.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory or shareholder approval, failure of Silver Stream to close the proposed business combination, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.