VanEck Vectors Global Alternative Energy ETF

Published : March 05th, 2009

Announces CCAA Filing

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Keywords :   Canada | Creditors | Gold | Gold Sale | K Street | Portugal | Recovery |
 
Dear karolina,
March 4, 2009

March 4, 2009 - Vancouver, British Columbia. Redcorp Ventures Ltd. ("Redcorp") (TSX:RDV) announces that after consideration of all available alternatives, Redcorp's Board of Directors has determined that it is in the best interests of all of its stakeholders for it and its wholly-owned subsidiary, Redfern Resources Ltd. ("Redfern "), to seek court protection from creditors under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). Redcorp and Redfern (or the "Companies") sought and were granted such protection by order of the Supreme Court of British Columbia (the "Court") today, March 4, 2009. The Court has granted CCAA protection for an initial period of 30 days, expiring on April 3, 2009. Accordingly, Redcorp and Redfern will seek other ancillary relief to protect their assets in other jurisdictions. While under CCAA protection, creditors and others are stayed from enforcing any rights against Redcorp and Redfern and the Companies can attempt to restructure their affairs. The implications for Redcorp and Redfern's creditors and other stakeholders will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete.

The Companies determined to seek protection under the CCAA because their current financial situation does not permit either company to meet its current and future obligations to holders of Redcorp's senior secured notes, to HSBC Bank Canada in respect of repayment of an $85 million loan facility, and to outstanding commitments to contractors, suppliers and vendors. The Companies have identified a shortfall in available funding to complete the Tulsequah Mine project principally due to an increase in capital expenditures resulting from, amongst other reasons, significant and costly delays in obtaining all necessary permits from regulatory authorities. The cost increase was previously announced on February 17, 2009. In addition to the capital cost increase, Redfern was unable to obtain all of its required permits for barge operations by March 1, 2009, such permits being the milestones toward achieving financing under certain of its existing financing arrangements as announced on October 15, 2008. Redcorp intends to continue its day to day operations during the CCAA restructuring process including identifying and securing the funds necessary to complete the mine build.

KPMG Inc. was appointed Monitor under the Order. Enquiries may be directed to:

Attention: Mr. Anthony Tillman

KPMG Inc.

777 Dunsmuir Street, PO Box 10426

Vancouver, BC V7Y 1K3

Telephone: (604) 646-6332

Facsimile: (604) 691-3036

Email: atillman@kpmg.ca

 

A copy of the Order will be made available on the Monitor's website at www.kpmg.ca/redcorp

Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at http://www.redcorp-ventures.com/ and at Redfern's website http://www.redfern.bc.ca/ or by calling toll-free to Troy Winsor, Manager of Investor Relations or Salina Landstad, Manager of Public Relations at the contact numbers listed below.

ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.

"Terence Chandler"
                                                                       
Terence Chandler
President and CEO

604-639-0131

 

Contacts:

Troy Winsor
Manager, Investor Relations
604-466-8934 / 1-888-225-9662

Salina Landstad
Manager, Public Relations & Corporate Communications
604-639-0135 / 1-888-669-4775 ext. 103

 

Certain of the statements made and information contained herein may contain "forward-looking information" within the meaning of the British Columbia Securities Act, Alberta Securities Act and Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States, including, without limitation, statements concerning the Company's plans at its Tulsequah Project and other mineral properties and the Company's revised economic evaluation of the Tulsequah Project, which involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control which may cause the actual results, performance or achievements of the Company, or industry results and/or consensus metal prices, to be materially different from any future results, metal prices, performance or achievements expressed or implied by such forward-looking information or forward-looking statements. Forward-looking information and forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information or forward-looking statements, including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, risks relating to the availability of financing for activities when required and on acceptable terms, risks relating to the inability to achieve the conditions required to receive full funding contemplated by its gold sale agreement or the MRI contingency loan, risks related to the ability to secure capital leasing arrangements for the purchase of mining equipment on suitable terms, if at all, the ultimate recovery of the Company's investment in new long-term ABCP that were issued on January 21, 2009, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents, equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NI 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, the fact that the 2007 Feasibility Study is based upon probable mineral reserves and not proven mineral reserves, expectations and beliefs of management and other risks and uncertainties, including those described under "Risk Factors" in the Annual Information Form of the Company filed on SEDAR on March 31, 2008, and in each subsequent management's discussion and analysis. Forward-looking information and forward-looking statements for time periods subsequent to 2008 involve longer term assumptions and estimates than forward-looking information and forward-looking statements for 2008 and are consequently subject to greater uncertainty. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information or forward-looking statements. When used herein, the words "anticipate", "believe", "estimate" and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking information or forward-looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise.

 


Corporate Head Office
Suite 800, 1281 W. Georgia Street, Vancouver, BC V6E 3J7
Tel: (604) 669-4775 Fax: (604) 669-5330 Toll Free: (888) 669-4775

Listed on TSX: Symbol RDV

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Data and Statistics for these countries : Canada | Portugal | All
Gold and Silver Prices for these countries : Canada | Portugal | All

VanEck Vectors Global Alternative Energy ETF

DEVELOPMENT STAGE
CODE : RDV.TO
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Redcorp Ventures is a zinc and lead exploration company based in Canada.

Redcorp Ventures develops zinc, lead, copper, gold and silver in Canada, and holds various exploration projects in Canada.

Its main asset in development is TULSEQUAH CHIEF in Canada and its main exploration properties are LAGOA SALGADA PROJECT and VILA DE REI in Portugal and HAWK in Canada.

Redcorp Ventures is listed in Canada and in United States of America. Its market capitalisation is 237 211 as of today (US$ 236 428, € 160 629).

Its stock quote reached its highest recent level on December 31, 2007 at 0.93, and its lowest recent point on September 21, 2009 at 0.01.

Redcorp Ventures has 47 442 200 shares outstanding.

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Annual reports of VanEck Vectors Global Alternative Energy ETF
Annual Report 2006
Annual Report 2005
Annual Report 2004
Financings of VanEck Vectors Global Alternative Energy ETF
11/13/2008RECEIVES RECEIPT FOR PROSPECTUS QUALIFYING THE DISTRIBUTION...
4/21/2008$64,000,000 Credit Facility
Nominations of VanEck Vectors Global Alternative Energy ETF
12/2/2008Appointment of Owner's Project Management Team
7/22/2008Appointment of Mill Superintendent
4/3/2008Appointment of Officer
1/3/2008Appointment of Officer
8/30/2007Appointment of New Director
Financials of VanEck Vectors Global Alternative Energy ETF
11/14/2008Financial and Operating Highlights for the Third Quarter End...
8/12/2008Financial and Operating Highlights for the Second Quarter En...
11/17/2007Third Quarter Interim Highlights
8/14/2007Second Quarter Interim Highlights for the Three and Six Mont...
Project news of VanEck Vectors Global Alternative Energy ETF
2/28/2009(Tulsequah Chief)ANNOUNCES ARCTIC LITIGATION
2/17/2009(Tulsequah Chief)Tulsequah Chief Mine Project Development Suspension Continue...
1/26/2009(Tulsequah Chief)Asset-Backed Commercial Paper Distribution Update Tulsequah ...
12/22/2008(Tulsequah Chief)Tulsequah Project Construction & Permitting Update
9/22/2008(Tulsequah Chief)Tulsequah Chief Progress Update
6/19/2008(Tulsequah Chief)Redfern Resources Welcomes Honourable Kevin Krueger Minister...
6/6/2008(Tulsequah Chief)Tulsequah Chief Progress Update
3/3/2008(Tulsequah Chief)Receipt of Mines Act Permit and Licence to Cut Amendment?Tul...
2/13/2008(Tulsequah Chief)Tulsequah Chief Mine Update Constuction and Permit Progress
2/11/2008(Lagoa Salgada Project)Commencement of Exploration Drill Program Lagoa Salgada Proj...
2/4/2008(Tulsequah Chief)Tulsequah Chief Mine Update
12/7/2007(Tulsequah Chief)Tulsequah Chief Mine Project Receives Cutting Permit for Sit...
8/21/2007(Lagoa Salgada Project)Resource Estimate Completed For Lagoa Salgada Deposit, Portu...
8/2/2007(Tulsequah Chief)Tulsequah Project Update
Corporate news of VanEck Vectors Global Alternative Energy ETF
5/25/2009Reductions in Corporate Management
3/5/2009Announces CCAA Filing
3/3/2009KEY APPROVALS RECEIVED FOR TULSEQUAH PROJECT
2/10/2009Update of Asset-Backed Commercial Paper Distribution
9/19/2008Executes Definitive Agreement With Gold Wheaton Gold Corp.
9/18/2008Project Funding Update
8/22/2008$85 MILLION LOAN FACILITY ARRANGED WITH HSBC BANK CANADA
8/15/2008Extension To Closing of Gold Wheaton Transaction
8/14/2008s Progress at Portugal Base Metal and Gold Exploration Proje...
7/25/2008Tuslequah Chief Progress Update
5/15/2008Corporate & Tulsequah Chief Mine Development Update
4/14/2008Constructiion Update
3/26/2008Portugal Exploration Update
1/17/2008Tulsequah Chief Mine Featured on Mining Industry TV
10/3/2007Redfern Receives Approval for Changes to Tulsequah Project D...
9/18/2007Option To Purchase Agreement Concluded For Long lead-time Po...
8/24/2007Announces Corporate Update
8/16/2007Payment of a Portion of Outstanding Short-Term Funds
8/16/2007MX Permit Granted for Tulsequah Project
8/16/2007Short-Term Investment Repayment Delayed
6/25/2007Construction Equipment Scheduled for Delivery to Tulsequah C...
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TORONTO (RDV.TO)Other OTC (RDFVF)
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