Business
Mystique Energy Closes Agreement to Sell Remaining Assets
Mystique Energy Closes Agreement to Sell Remaining Assets.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, July 17 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS)\nannounces that it has closed the sale of its remaining oil and gas assets and\ntax pools ("Asset Sale") to a Calgary based petroleum company for gross\nproceeds of 19.2 million dollars. The effective date of the Asset Sale is\nJune 1, 2007. Net proceeds from the Asset Sale will be used to eliminate\nMystique's debt to its primary lender and other secured creditors. The\nremaining proceeds will be distributed to unsecured creditors.\n\n\nThe Alberta Court of Queen's Bench (the "Court") provided Mystique\ncreditor protection under the Companies' Creditors Arrangement Act (Canada)\n("CCAA") on April 24th, 2007. The order granting CCAA protection expires on\nJuly 17th, 2007. An application for an extension to the order until October\n15th, 2007 has been approved by the Court.\n\n\nThe extension until October 15th, 2007 will allow time for all\nadjustments under the terms of purchase and sale agreement of the Asset Sale\nto be concluded and for Mystique to prepare and submit to the Court, a plan of\narrangement whereby all or substantially all of the remaining proceeds from\nthe Asset Sale will be distributed to the unsecured creditors on a pro rata\nbasis. The plan of arrangement must be approved by a requisite majority of the\nunsecured creditors and the Court.\n\n\nDisclaimers\n\n\nCertain information regarding Mystique in this news release including\nmanagement's assessment of future plans and operations and the timing thereof,\nmay constitute forward-looking statements under applicable securities laws and\nmay necessarily involve risks including, without limitation, risks associated\nwith oil and gas exploration, development, exploitation, production, marketing\nand transportation, loss of markets, volatility of commodity prices, currency\nfluctuations, imprecision of reserve estimates, environmental risks,\ncompetition from other producers, inability to retain services, delays\nresulting from or inability to obtain required regulatory approvals, the\nability to access sufficient capital from internal and external sources and\nthe uncertainty involved in Court proceedings and the implementation of the\nPlan under the CCAA. As a consequence, Mystique's actual results, performance\nor achievements could differ m...