Sunridge Receives Favorable Decision by the Federal Court of Canada
Thursday, April 14, 2016 5:00 PM
VANCOUVER, BC / ACCESSWIRE / April 14, 2016 / Sunridge Gold Corp. (the "Company" or "Sunridge") (TSX V: SGC / OTCQX: SGCNF) is pleased to report that the Company has received a favorable decision in its appeal heard by the Federal Court of Canada (the "Court") which has now set aside the January 9, 2015 final order of garnishment ("FOG") of Delizia Limited and as a consequence the required C$2.2 million standby letter of credit (the "LC") has been cancelled.
As reported on June 17, 2015 the Company had negotiated a stay of the FOG and while it appealed the FOG had arranged a credit facility with an arm's length party to post the LC on Sunridge's behalf for a one year period for a fee equal to 9% per annum calculated on the face amount of the LC for the period it is outstanding. This facility as now been collapsed. The Sunridge appeal was heard by the Court on November 25 and 26, 2015 and the judgment was delivered to the parties on April 8, 2016. The Court allowed Sunridge's the appeal and set aside the provisional order of garnishment (July 31, 2013) and FOG (January 9, 2015) and awarded costs to Sunridge.
Delizia Limited has advised the Company that it intends to appeal this decision.
For additional information on the Company visit our website at www.sunridgegold.com or call Greg Davis at the number listed below.
SUNRIDGE GOLD CORP.
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: [email protected]
Tel: 604-688-1263 (direct)
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This news release contains certain statements or disclosures that may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that management or the directors of the Company, anticipate or expect may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "may," "will," "expect," "anticipate," "believe," or other comparable terminology.
Forward-looking statements presented in such statements or disclosures may, among other things, relate to: the currency exchange rates, the amounts to be paid and the provisions to be made to settle the Company's obligations, the timing and amounts of any cash distributions to be made by the Company, and the planned dissolution of the Company. Risks and uncertainties relating to such matters include Chinese regulatory approvals and other risks and uncertainties of completing complex international transactions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The Company is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place undue reliance on forward-looking statements or disclosures.
SOURCE: Sunridge Gold Corp.