Sutter Receives Lender Demand Notice and Intention to Enforce Security

2019-05-07 / @nasdaq


VANCOUVER, British Columbia, May 06, 2019 (GLOBE NEWSWIRE) -- Sutter Gold Mining Inc. (“Sutter” or the “Company” TSXV:SGM) announces that its secured lender, RMB Australia Holdings Inc. (“RMB”), has made demand upon the Company, as debtor and guarantor, and its subsidiary, Sutter Gold Mining Inc. (“Sutter”), as debtor and guarantor, for payment in full of the Company’s and Sutter’s outstanding indebtedness to RMB in respect of outstanding notes and demand loans owing.  Additionally, notice was provided by RMB of its intention to enforce its security pursuant to the British Columbia Bankruptcy and Insolvency Act.  The Company and RMB engaged in an extensive process to market the Company and its assets, but was unable to attract a viable sale transaction that could be completed outside of a court process. A Receiver has not yet been appointed; however, the Company anticipates the appointment of a Receiver in the near term.

The Company further announces that James Crombie and Allen Winters, both independent directors, have resigned from the Company effectively immediately. 

As a result of the Company’s current financial situation the Company is not in a position to file its audited financial statements for the year ended December 31, 2018 and the Company anticipates that it will be cease traded by the applicable securities commissions in due course.

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.

For further information, please contact:
Amanda Miller
Chief Financial Officer
T: 303 238 1438

Forward-Looking Statements
This news release contains "forward-looking information" under Canadian securities law. Any information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words such as "expect", "anticipate", "believe", "plans", "estimate", "scheduling", “projected” or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information relates to, among other things: the price of silver and gold; the accuracy of mineral resource and mineral reserve estimates; the ability of the Company to finance its operations and capital expenditures; future financial and operating performance including estimates of the Company's revenues and capital expenditures and estimated production.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; operations and political conditions; environmental risks; and risks and hazards of mining operations. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Forward-looking information about the future is inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.