FIRST METALS INC. ANNOUNCES DEVELOPMENTS IN RESTRUCTURING PROCESS
February 21 2011 - 4:35PM
PR Newswire (Canada)
TORONTO, Feb. 21 /CNW/ -- TORONTO, Feb. 21 /CNW/ - First Metals Inc
(NEX: FMA.H) (the "Corporation") announced today that pursuant to
its ongoing restructuring process that it has executed an agreement
for the disposition of certain of its heavy equipment for total
cash proceeds of $1,100,000. The completion of the sale, which is
to be made through a receiver being appointed by the Corporation's
secured creditors, is expected to close upon completion of certain
regulatory procedures in the Province of Quebec associated with the
restructuring process. About FMA First Metals Inc. is a resource
company with two main Zinc-Copper deposits, Fabie Bay and Magusi
River. Fabie Bay was producing until December 2008 when
production was suspended. The company filed a proposal under
Part III of the Bankruptcy and Insolvency Act in April 2009.
The company received approval for is proposal under Part III of the
Bankruptcy and Insolvency Act in June 2009. Some of the
statements contained in this release are forward-looking
statements, such as estimates and statements that describe the
Corporation's future intentions, plans, objectives or goals,
including words to the effect that the Corporation or management
expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by
their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those
currently anticipated in such statements. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/21/c4668.html
pMichael Churchill, President and CEO, at (416) 594-3223/p
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