This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Maudore Minerals Resumes Trading Of Shares And Vigorously Defends Against Wrongful Accusations And Actions Taken By One Of Its Previous Contractors

MONTREAL, Aug. 25, 2013 /CNW Telbec/ - Greg Struble, President and CEO of Maudore Minerals Ltd. ( MAO: TSX-Venture) ( MAOMF: US OTC) ( M6L: Frankfurt Exchange) reports that on Friday August 23rd, at 1:00 pm EDT in the afternoon, the Company temporarily halted trading of its shares in order to allow all shareholders to be made aware of the wrongful actions taken by Promec Mining against the Company and the Company's response to those actions.

While the Company has an ongoing dispute with their previous mining contractor, Promec Mining, over the contractual payment terms, work continues with alternate labor sources at the Vezza location as we ramp down this project and prepare the re-start of activities at our Sleeping Giant mine north of Amos. There has been no change in our short-term plans and activities. We have very strong support from our senior secured lender as well as the many suppliers and employees who continue to stand by our side.

As previously announced, on August 14th Promec Mining pulled their crews from the Vezza project earlier than planned over a dispute to renegotiate contractual payment terms as their work draws to a close.  Since this time the company has continued to reach out in good faith in an effort to resolve this dispute on mutually acceptable terms.

On August 15th Promec Mining registered a 'Notice of Legal Hypothec' against the company on the Vezza project and the Sleeping Giant mine.  The company believes this claim to be grossly inaccurate and it is vigorously working to have the registration removed.

On August 19th a second meeting was held at the Promec offices in Montreal to continue our discussions.  This was to be followed up with a meeting between Promec Mining and our senior secured lender on Monday the 26th.  Promec Mining did not respond to our follow-up requests and subsequently has filed a 'notice of bankruptcy proceeding' on Friday the 23rd.  The company believes this to be an invalid filing and will vigorously work to have it dismissed.

Also on Friday the 23rd, an article appeared in the La Frontiere newspaper out of Rouyn-Noranda, in which several inaccurate statements were attributed to Mr. Jos Deschesnes of Promec Mining, which also divulged confidential aspects of our ongoing negotiations in clear violation of our mutual non-disclosure agreement.  This agreement was signed prior to the negotiations regarding the current dispute.  In this article, Promec Mining has wrongfully and inaccurately related the circumstances surrounding its dispute with Maudore Minerals, as well as defamed the company and its management.

Because of these actions taken by Promec Mining, the company will take immediate legal action against Promec Mining and their parent Promec Construction including the filing of a claim for any damages to our business from their filing of the lien and wrongful commencement of the bankruptcy proceeding as well as for breach of contract and breach of a confidentiality agreement.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs