Business
Veris Gold Corp. provides information on Restructuring Special Committee
Toronto Stock Exchange: VG VANCOUVER , Feb. 24, 2014 /CNW/ - Veris Gold Corp. ("V...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, Feb. 24, 2014 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) announced on February 18 the appointment of a Restructuring Special\n Committee (the \"Special Committee\") to investigate strategic\n alternatives and to plan the financial restructuring of the Company. \n The Special Committee is chaired by François Marland, President and\n CEO, and the other members are independent directors Gerald Ruth and\n Dr. Barry Goodfield.\n\n\nThe Special Committee announced that it had retained Raymond James &\n Associates, Inc. as its sole investment banking advisor to provide\n financial advice to the Special Committee concerning a variety of\n potential business transactions that may be undertaken in the course of\n the financial restructuring of the Company. Raymond James is one of\n North America's largest full service investment banks offering\n corporate finance services, institutional sales and trading and retains\n one of the industries' largest systems of financial advisors. Raymond\n James has institutional expertise in the mining sector and significant\n experience providing restructuring advisory services.\n\n\nThe catalyst for this new initiative was the Company falling into\n default of its debt repayment obligations to Deutsche Bank AG (\"DB\"),\n London Branch  (news release dated January 29, 2014) due to a fire at\n the mill at the Company's Jerritt Canyon Mine in Elko, Nevada, which\n consequently caused a temporary production shut down in December, 2013.\n\n\nFrancois Marland, President and CEO of Veris Gold stated, \"We are very pleased to be working with Raymond James, a well-known and\n highly-respected full service international investment bank.  The fire\n at Jerritt Canyon in December placed the Company in a difficult\n financial position.  However, the Management Team, the Board of\n Directors and the newly formed Restructuring Special Committee are\n dedicated to ensuring that the Company has access to the best\n refinancing and restructuring options and venues available.\"\n\n\nAbout Veris Gold Corp.\nVeris Gold Corp. is a growing mid-tier North American gold producer in\n the business of developing and operating gold mines in geo-politically\n stable jurisdictions. T...