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.
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.
For further information:
Michael Churchill, President and CEO, at (416) 594-3223