Adanac Molybdenum Corporation
FRANKFURT : A9N
PINK SHEETS : AUAYF
TSX : AUA
April 06, 2009 13:00 ET
Adanac Announces CCAA Protection Extension to July 3, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 6, 2009) - Adanac Molybdenum Corporation ("Adanac" or the "Company") (TSX:AUA)(PINK SHEETS:AUAYF)(FRANKFURT:A9N) announced today that its application of April 3, 2009 to the Supreme Court of British Columbia (the "Court") for an Order under the Companies' Creditors Arrangement Act ("CCAA") to extend its creditor protection has been successful allowing the Company to continue to restructure and continue to stay all claims and actions against the Company and its assets. The April 3rd Order extends CCAA protection until July 3, 2009, at which time the matter will be reviewed by the Court. Further information can be found on the website of KPMG Inc., the court-appointed Monitor, at www.kpmg.ca/adanac.
The Company also announced that it has retained Canaccord Capital Inc. as financial advisor to assist in the evaluation of possible strategies including a potential investment in Adanac by a strategic partner or sale of Adanac or its assets.
About Adanac Molybdenum Corporation
Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Project in northern British Columbia. The Company has advanced the project through feasibility studies, a production decision and has previously ordered long-lead equipment, completed permitting for construction, constructed a road to the site and secured US$80 million in bridge financing.
Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward looking information include risk factors discussed in the Annual Information Form for the year ended April 30, 2008 for the Company available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States unless an exemption from registration is available.