TORONTO, ONTARIO--(Marketwire - May 7, 2009) - On May 1, 2009, Mid-Tennessee Zinc Corporation ("MTZ"), Strategic Resource Acquisition Corporation's ("SRA") (NEX BOARD:SRZ.H) Tennessee subsidiary, completed a sale of substantially all its assets to Nyrstar Gordonsville LLC, a subsidiary of Nyrstar NV, ("Nyrstar"). The proceeds of the sale were used to repay debt owed by MTZ to secured creditors, Auramet Trading LLC and Mossy Creek Mining LLC.
A letter of intent was entered into with Nyrstar (the "Nyrstar LOI") at the end of March, 2009, and filed, together with proposed bidding procedures, with the United States Bankruptcy Court on April 3, 2009. A court order approving the Nyrstar LOI and proposed bidding procedures was issued on April 8, 2009. The sale notice, bidding procedures and related materials were mailed to affected parties on April 9, 2009. No other bidders submitted a bid. The sale to Nyrstar was approved by the United States Bankruptcy Court and completed on May 1, 2009.
SRA has filed a notice of motion with the United States Bankruptcy Court seeking approval for SRA to terminate its involvement in the Chapter 11 proceedings in the United States and continue under the Companies Creditors' Arrangement Act ("CCAA") in Canada. Such motion is to be heard on May 12, 2009. At the same time, SRA will seek continued protection under the CCAA and submit a plan with the court for approval by its creditors. |
