TORONTO, ONTARIO--(Marketwired - April 30, 2015) - Angus Mining Inc. (TSX VENTURE:ANA) ("Angus" or the "Company") announces that Robert Buchan, Carl Pescio and Cameron Mingay no longer serve as Directors of the Company, having previously resigned from the Board in April 2015.
The Company also announces that it has divested its investment in Silver Reef Resources.
Further, the Company is currently under review by the TSX Venture Exchange regarding its inability to meet the Tier 2 Continued Listing Requirements, and has been placed on notice to transfer to NEX. Being that the Company has less than three directors, trading in the Company's shares will be halted, and the Company expects its listing will be transferred to NEX.
Despite a significant reduction in administrative expenses, and initiatives, which included the ceasing of salaries in 2012, as well as being provided with financing from certain directors and officers, the Company has been unsuccessful in securing a financing or strategic transaction. Given its working capital deficiency, the Company will be unable to meet its obligations which includes the filing of its audited financial statements for the year ended December 31, 2014 and a Cease Trade Order is expected to be issued.
The Company is looking at various alternatives for the Company going forward, which could include a dissolution under the applicable Acts.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.