Malaga Inc. Files a Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act (Canada)
Published : June 06, 2013
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Keywords :   Canada | Creditors | Justice | Market | Tungsten |

MONTRÉAL, QUÉBEC--(Marketwired - June 6, 2013) - Malaga Inc. (News - Market indicators) ("Malaga", the "Corporation") today announced that, with the authorization and approval of its board of directors, it has filed a Notice of Intention to Make a Proposal ("Notice of Intention") pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").

Pursuant to the Notice of Intention, Raymond Chabot Inc. ("RC") has been appointed as the trustee in the Corporation's proposal proceedings (the "Proposal Trustee") and in that capacity will monitor and assist the board of directors in its restructuring efforts.

As previously announced, over the last six months, management and the board of directors of Malaga have been assessing Malaga's strategic options. During that period, the Corporation has been soliciting proposals for an investment in the Corporation or an acquisition of the Corporation or its assets.

The Corporation intends to continue that sale or investment solicitation process and expects to bring an application to the Québec Superior Court of Justice in the near future seeking, among other relief, authorization to continue such process on a defined timeline.

The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings that will protect the Corporation and its assets from the claims of creditors and others while the Corporation pursues its restructuring efforts.

There can be no guarantee that the Corporation will be successful in its restructuring efforts. Failure by the Corporation to achieve its restructuring goals will likely result in the Corporation becoming bankrupt.

All inquiries regarding the BIA proceedings should be directed to the Proposal Trustee at 514-878-2691. Court materials and other information about the BIA proceedings will be available on the Proposal Trustee's website at www.RC.com.

Changes to Management and Board of Directors

In the course of this process and in order to reduce its costs, the Corporation also announced the departure of Pierre Monet, as President and Chief Executive Officer and Joey Trombino, as Chief Financial Officer, effective immediately.

Finally, Gilles Masson and Réjean Gourde resigned as directors of the Corporation.

Forward-looking Statement

This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2012. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of tungsten, that the Pasto Bueno property is a technical viable and economic operation and that the Corporation can access financing. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.



Jean Martineau
Chairman of the board
514 393-9000
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

VanEck Vectors Global Alternative Energy ETF

PRODUCER
CODE : MLG.TO
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Malaga is a gold and tungsten producing company based in Canada.

Malaga holds various exploration projects in Peru.

Its main asset in production is PASTO BUENO in Peru.

Malaga is listed in Canada and in United States of America. Its market capitalisation is 237 211 as of today (US$ 227 675, € 174 217).

Its stock quote reached its highest recent level on June 20, 2008 at 0.49, and its lowest recent point on July 15, 2013 at 0.01.

Malaga has 47 442 200 shares outstanding.

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Annual reports of VanEck Vectors Global Alternative Energy ETF
2007 Annual Report
Nominations of VanEck Vectors Global Alternative Energy ETF
12/2/2011Announces Appointment of Pierre Monet as President and Chief...
6/23/2011Appoints Three New Board Members
7/8/2008appoints Paul Cregheur to the Board of Directors
6/26/2008appoints three new Directors
12/20/2007Appoints a new board member
Financials of VanEck Vectors Global Alternative Energy ETF
4/3/2013Publishes Year-End Results
8/22/2008Q2 2008 financial results and outlook for 2008
4/14/2008Reports its year end financial results for 2007
11/15/2007reports net earnings in its third quarter 2007
8/16/2007Reports $6,749,432 revenue from the sale of gold and tungste...
5/23/2007reports sales of $2.3 million of tungsten concentrate for th...
4/13/2007files its audited consolidated financial statements and anno...
Project news of VanEck Vectors Global Alternative Energy ETF
5/31/2011(Pasto Bueno)Announces a $1.5 Million Diamond Drilling Campaign in the Co...
4/24/2008(Pasto Bueno) Pasto Bueno: Commissioning of the first phase of the Pasto ...
3/3/2008(Pasto Bueno)discovers new tungsten mineralized vein structures at Pasto ...
11/13/2007(Pasto Bueno) Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zone...
5/15/2007(Pasto Bueno)commercial production begins at the Pasto Bueno mine
Corporate news of VanEck Vectors Global Alternative Energy ETF
6/6/2013Files a Notice of Intention to Make a Proposal Under the Ban...
5/21/2013Publishes Q1 Results
4/9/2013Sells Its Hydro Electric Power Plant
11/9/2012Update on Mining Operations
11/9/2012Update on Mining Operations
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
8/15/2012Announces Its Q2 Results
5/9/2012Maintains Profitability and Generates Cashflow From Operatin...
4/17/2012to Recover Additional Tungsten From Its Tailings Pond
3/28/2012Improves Profitability and Generates a Net Income of $5.6M a...
2/27/2012(Pasto Bueno)Increases Its Resources by More Than 140% and Its Reserves b...
2/16/2012to Build New Hydroelectric Plant in Peru
1/9/2012(Pasto Bueno)Announces Appointment of Fernando Pajuelo Rincon as General ...
10/4/2011Joins OTCQX-"MLGAF"
8/15/2011Reports Financial Results for Second Quarter 2011: Generates...
6/17/2011Generates a Net Income of $0.8 Million and an EBITDA of $1.3...
5/20/2011Says it is Not Aware of Any Undisclosed Development That Wou...
4/11/2011Reports Record Sales of US $4.5 Million in the First Quarter...
3/31/2011Reports Income of $1.1 Million From Mining Activities
10/30/2007 Announces the Final Distribution Ratio of Dynacor Gold Mine...
9/26/2007senior management changes within the company
7/17/2007Change of corporate name and trading symbol (previously Dyna...
4/17/2007has 100% ownership of its Acari property in Peru
3/21/2007signs an engagement letter of up to CA$5 million with D&D Se...
2/20/2007To Spin Off Gold Assets To Shareholders
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