Strateco Resources Inc.

Published : June 09th, 2015

Strateco Obtains an Initial Order Under the Companies' Creditors Arrangement Act

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Keywords :   Colombia | Creditors |

Strateco Obtains an Initial Order Under the Companies' Creditors Arrangement Act

BOUCHERVILLE, QUEBEC--(Marketwired - Jun 9, 2015) - An initial order regarding Strateco Resources Inc. ("Strateco") (RSC.TO) (RF9.F) was issued today under the Companies' Creditors Arrangement Act (the "CCAA") by the Superior Court of Quebec (Commercial Division) (the "Court"). The Court has granted a stay of proceedings until July 9th, 2015, renewable thereafter.

The Quebec government's refusal to grant the certificate of authorization needed to proceed with the Matoush project has placed Strateco in a situation where it has become impossible to interest investors in the Matoush project. Strateco is currently unable to meet its financial commitments in spite of the fact that it has implemented measures aimed at reducing costs.

Strateco's principal asset is its litigious claim against the Government of Quebec, in which Strateco seeks up to $190 million in damages to offset the loss of its investment in the Matoush project. Strateco intends to seek, within the framework of the CCAA, the approval of an interim financing which would allow it to continue the prosecution of these proceedings for the benefit of all stakeholders, including its creditors and shareholders.

In the initial order issued under the CCAA, the Court has authorized the postponement of Strateco's annual meeting. In lieu of its next annual meeting, scheduled for June 17 at 10:30 am, at the Hilton Garden Inn in Montreal, Strateco will hold a public information meeting at the same place, date and time.

Strateco is represented by the law firm Stikeman Elliott LLP in connection with the CCAA proceedings. The Court appointed Ernst & Young Inc. (the "Monitor") to act as monitor of Strateco. The initial order issued under the CCAA and the relevant legal proceedings can be accessed directly from Strateco's website (www.strateco.ca) or the website of the Monitor (http://documentcentre.eycan.com/).

Trading of Strateco shares will remain suspended and the shares will therefore be delisted from the Toronto Stock Exchange. Shareholders will be provided with more information on this subject as soon as possible.

Strateco is also announcing the resignation of three of its directors, namely Messrs. Robert Desjardins, Henri Lanctôt and Jean-Guy Masse. The board of directors, which now consists of Messrs. Marcel Bergeron, Paul-Henri Couture, Guy Hebert and Jean-Pierre Lachance, would like to thank them for their support and the services they have rendered to Strateco over the years.

This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.

Read the rest of the article at finance.yahoo.com
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Strateco Resources Inc.

EXPLORATION STAGE
CODE : RSC.TO
ISIN : CA86269M1068
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Strateco Res. is a copper and lead exploration company based in Canada.

Strateco Res. holds various exploration projects in Canada.

Its main exploration properties are QUENONISCA, MISTASSINI, MONT-LAURIER, ECLAT, PACIFIC BAY, MATOUSH and APPLE in Canada.

Strateco Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 10.5 millions as of today (US$ 8.6 millions, € 7.6 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.00, and its lowest recent point on October 31, 2014 at CA$ 0.02.

Strateco Res. has 234 170 000 shares outstanding.

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Annual reports of Strateco Resources Inc.
2008 Annual report
2007 Annual report
2006 Annual report
Financings of Strateco Resources Inc.
8/12/2013Strateco Closes a CDN $ 820,000 Financing
8/12/2013Closes a CDN $ 820,000 Financing
2/29/2012Closes Two Private Placements
2/16/2012Strateco Announces Private Placement Financing
2/16/2012Strateco Announces Private Placement Financing
2/16/2012Announces Private Placement Financing
6/23/2011Strateco Closes a CA$3.5 Million Financing
Nominations of Strateco Resources Inc.
7/18/2011Strateco Appoints A New Chief Financial Officer and Treasure...
5/12/2010Appoints Vice President, Finance
3/23/2010Appointment of a New Director
Project news of Strateco Resources Inc.
1/29/2014Strateco Update: Exploration Work and Legal Proceedings
12/17/2013Strateco Enters Into an Agreement With Denison for the Jaspe...
9/23/2013(Matoush)The MDDEFP Minister Has All the Elements he Needs to Authori...
11/1/2012(Matoush)Inc=2E/Matoush Project: Best Drill Result for 2012 2=2E62% U...
10/17/2012(Matoush)Inc=2E: The CNSC Grants the Licence for the Matoush Explorat...
6/9/2012(Matoush)Inc=2E/Public Hearings: The Licencing Process for the Matous...
5/29/2012Strateco's 2012 Drilling Program Yields More Excellent Resul...
4/23/2012Strateco's New 2012 Drilling Program Generating Excellent Re...
4/10/2012(Matoush)CNSC Staff Recommend a Five-Year Licence for the Matoush Ura...
2/17/2012(Matoush)Inc=2E: The Updated Technical Report for the Matoush Uranium...
2/3/2012(Matoush)Inc=2E: Matoush Uranium Exploration Project Gets the Green L...
11/29/2011Strateco Exercises Its Option and Acquires 60% of the Pacifi...
11/29/2011Strateco Exercises Its Option and Acquires 60% of the Pacifi...
8/2/2011(Matoush)Matoush Uranium Project: The Federal Review Panel South Rele...
7/14/2011(Matoush)-Matoush Project Underground Exploration Program: New Develo...
6/2/2011Strateco and Majescor Execute Joint VentureAgreement on the ...
6/2/2011(Mistassini)and Majescor Execute Joint Venture Agreement on the Mistassi...
3/4/2011Strateco Confirms the Presence of High-Grade Mineralization ...
3/4/2011(Matoush)Confirms the Presence of High-Grade Mineralization Between t...
10/27/2010(Matoush)Public Hearings to Be Held on the Environmental Impact Study...
2/24/2010(Matoush)Updated Scoping Study on Matoush Indicates Stronger Economic...
1/29/2010(Matoush)Matoush: Start of a Major Drilling Program
12/1/2009(Matoush)Ambitious Drilling Program on Matoush
11/12/2009(Matoush)Another Important Step Forward for Strateco's Matoush Uraniu...
9/17/2009(Matoush)Significant Increase in Indicated Resources and Grade at Mat...
7/27/2009(Matoush) Intersects 0=2E99% eU3O8 Over 30=2E6 Metres Including 5=2E9...
7/9/2009(Mistassini)Intersect 0,13% eU308 over 11,0 Metres at Mistassini
7/8/2009(Matoush)Intersects 0.61% eU3O8 Over 25.7 Metres at Matoush
6/4/2009(Mistassini)Strateco and Majescor Announce a Drilling Program on Mistass...
2/11/2009(Matoush)MATOUSH: BEGINNING OF A 30,000-METRE DRILLING PROGRAM
12/19/2008(Matoush)Scoping Study Now Available
11/11/2008(Matoush)Scoping Study on Matoush Indicates Very Strong Economics
11/5/2008(Matoush)Licence Application for Underground Exploration Program at t...
9/23/2008(Matoush)Matoush: NI 43-101 Available on SEDAR
8/7/2008(Matoush)A 300% Increase of the Mineral Resources in 10 Months
Corporate news of Strateco Resources Inc.
3/19/2015Strateco Announces a Change to its Board of Directors
3/19/2015to Change Trading Platform; Continues With its Cost Reductio...
3/19/2015Strateco to Change Trading Platform; Continues With its Cost...
3/2/2015Strateco Announces a Change to its Board of Directors
1/8/2015SeqUr Becomes a Public Company Following the Distribution of...
12/19/2014Matoush Uranium Project: Strateco Claims $190 Million from t...
12/19/2014Strateco to Distribute its Shares of SeqUr: SeqUr and Deniso...
12/11/2014IIROC Trade Resumption - RSC
12/11/2014Matoush Uranium Project: Strateco Claims $190 Million From t...
12/11/2014IIROC Trading Halt - RSC
11/3/2014Sentient and Toro Energy Sign an Agreement Regarding Stratec...
6/16/2014Strateco Meets Toronto Stock Exchange (TSX) Requirements
6/16/2014TSX Delisting Review - Strateco Resources Inc. (Symbol:RSC)
6/12/2014Strateco Closes a $1.4 Million Financing
6/12/2014Strateco Shuts Down its Matoush Camp to Minimize Operating C...
5/28/2014Strateco Holds its 2014 Shareholders' Annual Meeting
5/20/2014Strateco Calls on the BAPE to Recuse Louis-Gilles Francoeur
12/23/2013Receives CDN $3 Million
10/29/2013Strateco Lifts Stay of Proceedings Against Minister Yves Fra...
10/29/2013Lifts Stay of Proceedings Against Minister Yves Francois Bla...
9/23/2013The MDDEFP Minister Has All the Elements he Needs to Authori...
8/1/2013The Court Rules on the Safeguard Order Sought by Strateco
6/25/2013Inc=2E: The Minister Will No Longer Wait for the Conclusions...
5/15/2013Strateco: $87 Million Impairment Charge from the MDDEFP Mini...
5/15/2013$87 Million Impairment Charge from the MDDEFP Minister's Dec...
4/22/2013Strateco Serves Government With Formal Notice
4/22/2013Serves Government With Formal Notice
3/28/2013Denounces the Government of Quebec's Decision
3/21/2013Restricts Its Petition to the Motion for Mandamus
2/19/2013Court Agrees to Strateco's Request for Special Case Manageme...
2/19/2013Court Agrees to Strateco's Request for Special Case Manageme...
2/8/2013Requests Special Case Management of its Motion for Mandamus ...
1/17/2013Strateco Files a Motion for Mandamus and Declaratory Judgeme...
1/17/2013Files a Motion for Mandamus and Declaratory Judgement With t...
8/14/2012Strateco's President to Buy Shares in the Open Market
8/10/2012Acknowledges Cree Grand Council's Resolution and Intends to ...
6/12/2012Matoush Uranium Project: Strateco Drills 3.62% eU3O8 Over 8....
5/29/20122012 Drilling Program Yields More Excellent Results
4/23/2012New 2012 Drilling Program Generating Excellent Results
2/29/2012Strateco Closes Two Private Placements
1/4/2012(Matoush)Inc=2E: Resource at the Matoush Uranium Project Rises Signif...
1/3/2012Strateco Announces a CA $3,000,000 Bridge Loan with SIDEX
1/3/2012Strateco Announces a CA $3,000,000 Bridge Loan with SIDEX
1/3/2012Announces a CA $3,000,000 Bridge Loan with SIDEX
11/29/2011(Pacific Bay)Exercises Its Option and Acquires 60% of the Pacific Bay-Mat...
8/2/2011Strateco's Matoush Uranium Project: The Canadian Nuclear Saf...
8/2/2011Strateco's Matoush Uranium Project: The Canadian Nuclear Saf...
8/2/2011Strateco's Matoush Uranium Project: The Federal Review Panel...
6/23/2011Closes a CA$3.5 Million Financing
3/15/2011Files Form 15F to Terminate Its Reporting Obligations in the...
5/28/2010Has Held Its 2010 Annual Meeting
12/8/2009Closes C$2.5 Million Financing
6/12/2009Nomination of a New Chief Financial Officer
6/1/2009Drilling Resumes on Matoush
2/17/2009Invitation
11/11/2008Retains Financial Advisor
10/1/2008 Closes C$8.0 Million Financing
11/26/2007ENTERS INTO AN AGREEMENT TO EARN 60% OF MAJESCOR'S MISTASSIN...
6/5/2007Graduation on TSX
3/22/2007ADOPTS A SHAREHOLDER RIGHTS PLAN
2/20/2007Matoush continues to deliver
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