Toronto, Ontario -- Bell Copper Corporation ("Bell Copper" or the "Company") (TSX-V: BCU) announces that Messrs. Keith Droste, Richard Ternieden and Michael Werner were re-elected as directors and McGovern, Hurley, Cunningham, LLP was re-appointed as the Company's auditor at the annual and special meeting of shareholders of the Company held yesterday in Toronto.
The proposed consolidation of Bell Copper's issued and outstanding common shares on a seven for one basis was not approved by shareholders and therefore will not be implemented.
Management believes that it will be difficult for the Company to raise equity capital due to policies of the TSX Venture Exchange which restrict the Company from issuing shares at a price per share less than $0.05, which is a significant premium to the Company's current share price. As a result, management intends to continue to explore potential strategic transactions with respect to the Company's projects, as announced in the news release issued by...
Toronto, Ontario -- Bell Copper Corporation ("Bell Copper" or the "Company") (TSX-V: BCU) announces that the Company has implemented a strategic plan to work through the unprecedented challenges in the capital markets.
Since the closing of the Company's private placement financing in May of 2011, the capital markets in Canada and globally have been generally challenging with limited institutional and investment banking appetite for financing for junior exploration and development companies. In this environment it is imperative that Bell Copper preserve capital and reduce expenditures.
Bell Copper intends to reduce its exposure to non-core project expenditures by exploring potential strategic transactions with respect to the Company's non-core projects.
As part of this strategy, the Company intends to option or enter into a joint venture arrangement in respect of its Sombrero Butte project located in Pinal County, Arizona, which is drill ready. In the...
Toronto, Ontario - Bell Copper Corporation (the "Company") (TSX-V: BCU) announces that events of default have occurred under the secured term credit facility (the "Credit Facility") provided to Rogue River Resources Corp. ("Rogue River"), the Company's wholly-owned subsidiary, by Macquarie Bank Limited ("Macquarie") and related agreements. The events of default include the incurrence of trade indebtedness in excess of the limit specified under the Credit Facility, failure to obtain the required permits relating to iron ore activities on the Company's La Balsa project and failure to deliver a bankable feasibility study in respect of the La Balsa project within the time limits specified under the Credit Facility. The Credit Facility is secured by a charge over the Company's La Balsa project.
As a result of the foregoing events of default, Macquarie may give notice to Rogue River declaring the amounts owing under the Credit Facility to be forthwith due and payable. The Company has not re...