PMI Gold Corporation - Trafalgar Capital Update
Wed Apr 22, 9:30 AM
ca.news.finance.yahoo.com
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
VANCOUVER, April 22 /CNW/ - PMI Gold Corporation (TSX.V:PMV), announces that Trafalgar Capital Specialized Investment Fund SIF of Luxembourg, lender to PMI Gold, have advanced a potential solution for the settlement of the remainder of the outstanding debt. While the lender and PMI Gold explore this resolution, Trafalgar has agreed in principle to not execute on nor foreclose pursuant to the previously announced default notice, effectively granting PMI Gold an undisclosed term for a workout proposal. PMI Gold continues to work closely with the Fund and its principles on this basis.
PMI Gold currently holds four previous operating gold mines on 746 square kilometres of leases and concessions located along the prolific Ashanti and Asankrangwa gold belts in Ghana. In order to best address our financial position and source funding to move our Kubi Gold project to production, PMI Gold has invited selected major and junior exploration companies to review its substantial Ghana data base. It is expected that these efforts may result in joint ventures or other associations. Further information will be released when available.
On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO
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.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. We Seek Safe Harbour.
Contacts
Douglas MacQuarrie
President & CEO
Telephone: (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: (604) 682-8094 or for European Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814
e-mail: frram@aon.at
or John Mullen: Tel: 41-79-694-8671
e-mail: John Mullen@bluewin.ch
or visit the PMI Gold Corporation website at www.pmigoldcorp.com |
