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BRIEF-Minquest updates on proposal to acquire wolverine zinc mine

Published 02/09/2015, 01:22 pm
Updated 02/09/2015, 01:27 pm
© Reuters.  BRIEF-Minquest updates on proposal to acquire wolverine zinc mine

Sept 1 (Reuters) - Minquest Ltd MNQ.AX :

* Update on proposal to acquire wolverine zinc mine MNQ.AX

* Yukon zinc corp currently under court protection from creditors, with pricewaterhousecoopers having been appointed as monitor of Yukon zinc

* Says Yukon zinc has advised the monitor that it does not intend to execute the apa

* Under the terms of the apa Minquest would acquire the wolverine zinc mine for CAD$15 million

* Awaiting advice from monitor as to whether monitor intends to make application to supreme court of British Columbia

* If monitor does not intend to make an application to court, Minquest will proceed with making such an application to the court

* Application to court for an order that pwc be authorised to execute the apa on behalf of Yukon zinc

* Yukon zinc has put forward a restructuring proposal, which is to be considered by creditors at a meeting on September 2, 2015

* Yukon zinc stated if restructuring proposal is approved by creditors, does not intend to resume operations at wolverine in foreseeable future

* Source text for Eikon ID:nASXb7WRN7

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