Eacom Timber Corporation ETRFF

Provides an Update on its Timmins Mill

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EACOM Timber Corporation Provides an Update on its Timmins Mill

Eacom Timber Corporation ETR

2/26/2013 4:00:00 PM

EACOM Timber Corporation Provides an Update on its Timmins Mill

MONTREAL and VANCOUVER, Feb. 26, 2013 /CNW Telbec/ - EACOM Timber Corporation (TSXV: ETR) ("EACOM", or the "Company") announced that it has concluded with its insurer the negotiation of a global settlement in the amount of $48,250,000 in respect of the fire that occurred at its Timmins mill in January 2012. As at September 30, 2012, the Company had received $23,700,000 of insurance proceeds, of which $13,700,000 related to business interruption and $10,000,000 for damage or destruction of assets. During the fourth quarter, the Company collected a further $6,900,000 in respect of business interruption. The Company received today the remaining proceeds of $17,400,000.

The Timmins mill is currently under reconstruction which is expected to be completed in the summer of 2013.

 

https://www.stockhouse.com/news/canadianreleasesdetail.aspx?n=8747932