U.S. markets open in 9 hours 26 minutes
  • S&P Futures

    3,688.25
    -20.75 (-0.56%)
     
  • Dow Futures

    29,527.00
    -142.00 (-0.48%)
     
  • Nasdaq Futures

    11,319.75
    -57.00 (-0.50%)
     
  • Russell 2000 Futures

    1,677.30
    -8.80 (-0.52%)
     
  • Crude Oil

    78.35
    -0.39 (-0.50%)
     
  • Gold

    1,646.30
    -9.30 (-0.56%)
     
  • Silver

    18.52
    -0.39 (-2.04%)
     
  • EUR/USD

    0.9633
    -0.0055 (-0.57%)
     
  • 10-Yr Bond

    3.6970
    -0.0110 (-0.30%)
     
  • Vix

    29.92
    +2.57 (+9.40%)
     
  • GBP/USD

    1.0487
    -0.0369 (-3.40%)
     
  • USD/JPY

    144.0340
    +0.7140 (+0.50%)
     
  • BTC-USD

    18,871.93
    -177.09 (-0.93%)
     
  • CMC Crypto 200

    433.24
    -11.29 (-2.54%)
     
  • FTSE 100

    7,018.60
    -140.92 (-1.97%)
     
  • Nikkei 225

    26,509.83
    -644.00 (-2.37%)
     

Trevali Receives Court Approval of Sales and Investment Solicitation Process; Announces Organizational Departures

·5 min read

VANCOUVER, B.C., Sept. 16, 2022 /CNW/ - Trevali Mining Corporation ("Trevali" or the "Company") announced that the Supreme Court of British Columbia (the "Court"), on application of the Company as well as its wholly owned subsidiary Trevali Mining (New Brunswick) Ltd. ("Trevali NB" and, together with Trevali Corp., "Trevali"), has granted a Sales and Investment Solicitation Process Order (the "SISP Order").

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation) (CNW Group/Trevali Mining Corporation)
Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation) (CNW Group/Trevali Mining Corporation)

The SISP Order, among other things: (i) approves a sales and investment solicitation process for Trevali's 90%-interest in the Rosh Pinah Mine and 100%-interest in the Caribou Mine (the "SISP"); and (ii) approves an engagement letter between Trevali and National Bank Financial Inc. ("NBF") appointing NBF as Trevali's Sales Agent for the purposes of the SISP.

In order to participate in the SISP and obtain access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the SISP Order and other related documents, which are available on the Monitor's website at http://cfcanada.fticonsulting.com/trevali/. Parties interested in participating in the SISP should contact Morten Eisenhardt and Andrew Armstrong at NBF at the following email addresses: morten.eisenhardt@nbc.ca and andrew.armstrong@nbc.ca.

Organizational Departures

Trevali also announced that Ricus Grimbeek has resigned as President and Chief Executive Officer and a director of the Company. Mr. Grimbeek joined Trevali as President and CEO in April 2019 and was appointed to the Board of Directors in March 2020. With the SISP Order obtained and the sales process underway for the Company's interests in the Rosh Pinah and Caribou mines, the Board and Mr. Grimbeek determined that it was the appropriate time for him to step away from Trevali.

In addition, Derek du Preez has resigned as Chief Operating Officer of the Company, effective October 14, 2022. Mr. du Preez joined Trevali in July 2019 and held a number of roles since that time. Mr. du Preez will remain with the Company until October 14, 2022 to support a transition of operational, technical, and other aspects of the business, as well as the initial phase of the SISP.

Dan Isserow has resigned as a director of the Company. Mr. Isserow was first appointed to the Board of Directors in October 2017 following the acquisition by the Company of the Perkoa and Rosh Pinah mines.

About Trevali Mining Corporation

Trevali is a global base-metals mining company headquartered in Vancouver, Canada. The bulk of Trevali's revenue is generated from zinc and lead concentrate production. The Company has three primary assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned Rosh Pinah Mine in Namibia, and the wholly owned Caribou Mine in northern New Brunswick, Canada. In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada. Trevali also owns an effective 44% interest in the Gergarub Project in Namibia. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity.

For further details on Trevali, readers are referred to the Company's website (www.trevali.com) and to Canadian regulatory filings on SEDAR at www.sedar.com

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statement are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Forward-looking statements in this news release include, among others, statements with respect to: the SISP and the outcome thereof; and with respect to the changes to senior management of the Company, including plans for transition. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including, but not limited to, statements with respect to the outcome of the SISP, and the continued involvement of Derek du Preez in the transition of operational, technical and other aspects of the business and the initial phase of the SISP. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, operating in foreign jurisdictions with risk of changes to governmental regulation; compliance with governmental regulations; compliance with environmental laws and regulations; maintaining ongoing social license to operate; limitations inherent in our insurance coverage; litigation; and other risks of the mining industry including, without limitation, risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Trevali Mining Corporation

Cision
Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/16/c6955.html