Business
Fareport Capital Inc. Update
Fareport Capital Inc. Update.
About this update from Falco Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n(TSX-V; CAB)\n\nTORONTO, Sept. 22 /CNW/ - Fareport Capital Inc. (\"Fareport\" or the\n\"Company\") wishes to provide an update with regards to its compliance with\nOntario Securities Commission (\"OSC\") Policy 57-603.\nFurther to the press release of August 25, 2006, the Company is\nup-to-date with respect to its financial statements and management reporting.\nManagement is currently in advanced stages of negotiating a refinancing\nagreement that if successful, will provide Fareport with financial stability\nand a means for future growth. As a result of this progress, the Company\nexpects to finalize the transaction, barring any unforeseen events, in the\nnext week at which time further details will be provided. The transaction will\nrequire shareholder and regulatory approval.\nRegarding the previously announced agreement to settle the civil claim\nagainst Fareport's former management, advisors and certain investors, the\nrevised settlement agreement will be completed pending closing of a new\nfinancing arrangement. Negotiations on both the proposed financing and civil\nclaim have been complex and involved numerous parties; however, gradually all\nissues are being resolved.\nThe temporary management and insider cease trade order (the \"MCTO\")\nimposed pursuant to OSC Policy 57-603 continues to be in effect. The MCTO\nprohibits present and certain past directors, officers and insiders of\nFareport from trading in securities of Fareport.\nFareport will continue to provide updates on these and related matters in\naccordance with OSC Policy 57-603.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\n\n\n","length":1729,"tagName":"div"}]