SPARK
12 years ago
VANCOUVER, Dec. 21, 2011 /CNW/ - Prima Colombia Hardwood Inc. (TSXV:PCT.V - News) ("Prima" or the "Company") advises that the cutting permits that it had hoped would be received by the end of the current year have not yet been issued. While Prima and the Ministry of Environment of Colombia continue to work constructively together and the permit process is progressing, Prima is unable to determine with any certainty the expected issuance date of the cutting permits required for the start up of its operations. Prima remains prepared to commence operations within 3 months of issuance of the cutting permits.
The Company is in direct discussion with the Minister of the Environment and has not been advised of any issues which might prevent the issuance of the requested permits. The Ministry has been recently reorganized and the Company has been advised that there is a significant back log of resource sector permit applications.
Given the uncertainty of timing in respect of the issuance of the permits and start up of operations, the Company plans to further reduce its monthly cash requirements in an orderly fashion to approximately $200,000 per month in order to preserve the timber opportunity until the permits are obtained. In order to fund this delay and discharge liabilities, the Company intends to sell some of its assets and seek bridge loans secured against its equipment.
About Prima Colombia
Prima Colombia Hardwood Inc. is a TSX Venture Exchange-listed Canadian based forest products company focused on international tropical hardwood timber development, production and marketing. Prima's initial operations are located near Bahia Solano, Department of Choco on the west coast of the Republic of Colombia. All Prima forestry concessions are intended to be operated following the highest standards of sustainable forestry and environmental management. Prima brings over 30 years of forestry experience and dedication to best environmental operating practices and working with local communities and governmental agencies.
SPARK
13 years ago
Prima Colombia Hardwood Inc. Issues Shares Pursuant To Bridge Loan Facility Term Fee And Options Grant
VANCOUVER, Oct. 7, 2011, 2011 (Canada NewsWire via COMTEX News Network) --
TSX-V: PCT
Prima Colombia Hardwood Inc. (TSX-V:PCT) ("Prima" or the "Company") has received approval from the TSX Venture Exchange to issue 2,594,034 common shares of the Company to Endeavour Capital Corporation ("Endeavour") pursuant to the term fee clause ("Term Fee") within their Bridge Loan Facility (the "Facility") disclosed on May 27, 2011. The Facility contemplated that if the $4,000,000 Bridge Loan was not fully pre-paid by September 19, 2011 as was originally anticipated, Prima would pay Endeavour a Term Fee of CDN $200,000 in cash or common shares of the Company. The number of shares to be issued was calculated using the 5-day volume weighted average price of the Company's shares immediately preceding September 19, 2011. All shares issued in connection with the Term Fee are subject to a four month hold period expiring February 8, 2012. In the event that Prima completes any future equity financings, Prima will utilize 100% of the net proceeds to first repay the Facility in full, including any accrued interest.
Prima also wishes to announce that pursuant to the Company's stock option plan, 200,000 incentive stock options have been granted to its investor relations provider, Vanguard Shareholder Solutions Inc. ("Vanguard"), entitling Vanguard to purchase 200,000 common shares of the Company at an exercise price of $0.10 per share for a period of 5 years, subject to TSX Venture Exchange approval.
About Prima Colombia Prima Colombia Hardwood Inc. is a TSX Venture Exchange-listed Canadian based forest products company focused on international tropical hardwood timber development, production and marketing. Prima Colombia's initial operations are located near Bahia Solano, Department of Choco on the west coast of the Republic of Colombia. All Prima forestry concessions are intended to be operated following the highest standards of sustainable forestry and environmental management. Prima brings over 30 years of forestry experience and dedication to best environmental operating practices and working with local communities and governmental agencies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2011/07/c2579.html
SOURCE: Prima Colombia Hardwood Inc.
Donald P. Hayes Chief Executive Officer & Director Suite 880-1090 West Georgia StreetVancouver, British Columbia V6E 3V7 Canon Fung Chief Financial OfficerTel:604-630-7600 Fax:604-630-7610 www.primahardwood.com Brian MartinVanguard Shareholder Solutions Suite 1205 - 1095 West Pender Street Vancouver,British Columbia V6E 2M6 Tel:604-608-0824 Fax:604-688-0854www.vanguardsolutions.ca Copyright (C) 2011 CNW Group. All rights reserved.
Bobwins
13 years ago
This is obviously bad news and the cause of the big drop this morning. Currently -.065 to C$.10.
There must be some kind of internal power struggle going on in Colombia. Prima is doing what it should do, cutting back on expenses until they can get a better handle on the time frames to expect. I still think this is a good idea. The experience and contacts of the principals in Prima is crucial to this operation. I don't think you are going to have some local deciding to go into competition with Prima. Helicopter logging is likely not common in Colombia or very many other places.
I am holding. I think this will pop back up whenever they announce a new permit. Bobwins
Prima Colombia delays Colombia start-up operations
2011-07-14 16:15 ET - News Release
Mr. Donald Hayes reports
PRIMA COLOMBIA HARDWOOD INC. ANNOUNCES DELAY IN START UP OF OPERATIONS
Prima Colombia Hardwood Inc.'s start-up of its operations, which was previously scheduled for the third quarter, has been delayed as a result of delays in obtaining cutting permits from the Ministry of Environment in Colombia.
Until May 18, 2011, the company had been working with the regional government of Choco in the ordinary course of business to obtain cutting permits, including successfully obtaining its first cutting permit for Mecana 1. On May 18, 2011, the Ministry of Environment took over jurisdiction from the regional government of Choco. Subsequently, Prima and the Ministry of Environment have had several meetings and established a working team to process the company's permit applications. Prima was recently informed that the Ministry of Environment had revoked the Mecana 1 permit. The revocation is under appeal. While Prima and the Ministry of Environment continue to work constructively together, Prima is unable to determine with any certainty the expected issuance date of the cutting permits required for the start-up of its operations.
The company and its Colombian advisers fully expect that the permits will be issued but are uncertain as to the exact timing. Cutting permits of this nature are routinely issued in Colombia. However, until such time as the permits are issued, the company has decided to scale back the start-up of its operations. The company will provide temporary layoffs to some staff and is delaying delivery of some equipment and supplies.
"The change in jurisdiction from Choco to the Ministry of Environment has occurred at an inopportune time, just as we are in the final stages of start-up. Had the change occurred six months ago, it would not likely have delayed our start-up," says Donald P. Hayes, chief executive officer. "While the timber agreement with the community of Los Delfines remains in full force and effect, we cannot harvest without cutting permits issued for exact locations within the licence area."
Given the uncertainty of timing in respect of the issuance of the permits and start-up of operations, the company has also delayed the completion of the financing announced on May 27, 2011. The company plans to reduce its monthly cash requirements in an orderly fashion to approximately $600,000 per month in order to preserve the timber opportunity until the permits are obtained. The company has received indications from key shareholders to bridge its cash requirements during this time period and will continue to discuss financing options with third parties.
We seek Safe Harbor.
panther331
13 years ago
PRIMA COLOMBIA HARDWOOD INC. AND PACIFIC LUMBER INTEND TO JOIN FORCES IN COLOMBIA TO INCREASE TIMBER RESERVES 03/04 03:00 PM
TSX-V: PCT
VANCOUVER, March 4 /CNW/ - Prima Colombia Hardwood Inc. (PCTZF:$0.2975,$0.0205,7.40%) ("Prima") is pleased to announce that it has entered into a Letter of Intent with Pacific Lumber S.AS. ("Pacific") to join forces in Colombia to further develop Prima as a major international tropical hardwood timber development, production and marketing company.
Pacific is part of Blue Pacific Assets Corp. with extensive expertise in developing highly successful natural resource projects in Colombia.
"Combining Prima's extensive forest expertise with Pacific's proven successes in Colombia is an amazing synergy and fit", says Donald P. Hayes, CEO. "This alliance is an important strategic advance to management's stated objective to develop a world class tropical hardwood timber development, production and marketing company in Colombia."
All Prima forestry concession are intended to be operated following the highest standards of sustainable forestry and environmental management. Prima brings over 30 years of forestry experience and dedication to best environmental operating practices and working with local communities and governmental agencies. CEO, Donald Hayes, is a leading member in the British Columbia forest industry and is a past Director of Forest Renewal British Columbia, has served on the Minister of Forest of British Columbia Forestry Roundtable and was appointed by the Premier of British Columbia as a founding Director of the New Relationship Trust, established to work with First Nations in local communities in British Columbia.
The Letter of Intent with Pacific anticipates the potential addition of rights to harvest up to 31.5 million cubic meters pursuant to timber concessions to be obtained by Prima through the efforts of Pacific (or approximately 10 times Prima's current timber reserves).
Prima's timber reserves under its current license is 3,121,720 cubic meters from an area of 44,596 hectares. To date Pacific has entered into a Memorandum of Understanding with communities in Colombia in respect of potential forest rights related to 800,000 hectares. Although timber inventories in this area are not complete, it is anticipated that the area will contain sustainable timber reserves of at least 31.5 million cubic meters.
The Letter of Intent provides that Pacific and Prima will work exclusively together on timber acquisition and to further the business interests of Prima in Colombia.
This will be achieved by:
Pacific obtaining timber concessions, licenses or other exclusive binding rights to harvest timber from communities or other third parties for Prima; and
Pacific working to further the business interests of Prima by providing operating, regulatory, community and other support.
In consideration of these efforts, Prima will issue up to a maximum of 60 million common shares in the capital of Prima, which currently would represent 17.89% of the issued and outstanding shares of Prima after their issuance.
The shares will be performance based and issued at a rate of 1.9 Prima Shares for each 1.0 cubic meter of timber that Prima acquires the exclusive right to harvest by entering into concessions as a result of the efforts of Pacific.
The commitments set out in the Letter of Intent are subject to the execution of formal binding agreements, board approvals and applicable regulatory approvals, including the approval of the TSX Venture Exchange.
About Prima Colombia
Prima Colombia Hardwood Inc. (PCTZF:$0.2975,$0.0205,7.40%) is a TSX Venture Exchange-listed Canadian based forest products company focused on international tropical hardwood timber development, production and marketing. Prima Colombia's initial operations are located near Bahia Solano, Department of Choco on the west coast of the Republic of Colombia. The harvesting will be carried out using sustainable, selective, low intensity, helicopter logging which is both highly regarded as having low environmental impact and involves no 'clear cutting'.
Forward-Looking Information
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Examples of such statements include statements pertaining to timing of and revenue from current and proposed timber development, operations, production and marketing.
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