TORONTO, ONTARIO--(Marketwire - Dec. 11, 2008) - Strategic Resource Acquisition Corporation ("SRA" or the "Company") (TSX:SRZ)(TSX:SRZ.NT)(TSX:NT.A) provides an update on the status of its Mid-Tennessee Zinc ("MTZ") project, as well as developments on its corporate restructuring.
The temporary care and maintenance program initiated at the MTZ mine and mill complex in October 2008 continues to keep the facilities in a ready state with all equipment and mill parts being maintained in good working order. MTZ and Auramet Trading, LLC ("Auramet") have engaged an external equipment consultant/advisor to assist in the disposition of certain mining equipment, the proceeds from which are being applied to the secured bridge loan provided by Auramet.
The Company has applied for a listing of its common shares on the NEX board of the TSX Venture Exchange and is expected to commence trading under the symbol, 'SRZ.H', on or about December 22, 2008 following delisting from the Toronto Stock Exchange on December 19, 2008, as previously announced.
The Company continues to work on a restructuring of its debt obligations and is also investigating potential strategic alternatives. A Series II convertible note holder meeting has been scheduled for 9:00 a.m. on December 23, 2008 to vote on a resolution for the deferral or, subject to regulatory approval, a payment-in-kind of the approximate amount of $660,000 interest due on December 31, 2008.
For further information, please email [email protected]. |
