Business
Great Western Minerals Provides Update Regarding Sale or Investor Solicitation Process and Director and Officer Resignations
Great Western Minerals Provides Update Regarding Sale or Investor Solicitation Process and Director and Officer Resignations.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"\n\n\n\nGreat Western Minerals Provides Update Regarding Sale or Investor Solicitation Process and Director and Officer Resignations\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGreat Western Minerals Provides Update Regarding Sale or Investor Solicitation Process and Director and Officer Resignations\nCanada NewsWire\nSASKATOON, July 3, 2015\n\n\n\nSASKATOON, July 3, 2015 /CNW/ - Great Western Minerals Group Ltd. (the \"Company\" or \"GWMG\") (TSX VENTURE: GWG) (OTCQX: GWMGF) announced today that, on a motion by the Ad Hoc Committee of holders of the Company's US$90 million 8.00 percent Secured Convertible Bonds due 2017, the Ontario Superior Court of Justice – Commercial List (the \"Court\") today granted an order (the \"Order\") expanding the powers and duties of PricewaterhouseCoopers Inc., the Court-appointed monitor (the \"Monitor\") in the Company's proceedings under the Companies' Creditors Arrangement Act (Canada) (\"CCAA\") to, inter alia, pursue the ongoing Sale or Investor Solicitation Process (\"SISP\") and otherwise perform such other functions or duties, on behalf of the Company, as the Monitor considers necessary or desirable in order to facilitate or assist the Company in dealing with its operations, property or other activities.  The Order also extended the stay of proceedings and the \"Outside Date\" for completion of the SISP to July 13, 2015.\n\nThe Company further announced today the resignation of Mr. K. Marc LeVier as President and Chief Executive Officer of the Company, effective immediately, and that the members of the Board of Directors have resigned effective immediately. Under its expanded powers, the Monitor will have the ability to act on behalf of GWMG to move forward with the SISP and complete any related transactions.\n\nAbout GWMG\n\nGreat Western Minerals Group Ltd. is a manufacturer and supplier of rare earth element–based metal alloys. The Company routinely posts news and other information on its website at www.gwmg.ca. \n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defi...