Filing for BK - what took so long? Mr. John Key reports
TAMERLANE FILES FOR CCAA PROTECTION
After careful consideration of all available alternatives, the board of directors of Tamerlane Ventures Inc. has determined that it is in the best interests of all of its stakeholders to file an application for an initial order under the Companies' Creditors' Arrangement Act (Canada) (CCAA). As announced by the company on July 29, 2013, notice was given to Tamerlane by its secured lender, Global Resource Fund, on July 26, 2013, that Global intended to enforce its security after Tamerlane defaulted on the interest payment due July 25, 2013. The notice was withdrawn and reissued on a number of occasions such that the notice period would expire at the end of Aug. 23, 2013. The filing was made with Global's agreement. The court hearing to seek the CCAA initial order is scheduled for Friday, Aug. 23, 2013.
Over the past two years Tamerlane has been hampered by the equity market, commodity prices, and general lack of investors and capital investment into the mining sector, all of which led to the decision to proceed to seek CCAA protection. Further details will be made available after the court hearing is concluded.
Tamerlane will issue a further press release before Aug. 26, 2013, which will provide details and further information.
We seek Safe Harbor.