VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) — Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V:CAV) (OTC:BAJFF) announces that its ownership in Minera y Metalurgica del Boleo S.A. P.I de C.V (“MMB”) is being diluted pursuant to the New Shareholders’ Agreement described in the Company’s News Release #2 / 2017 dated 2017-01-26.
As at June 30, 2017 MMB had issued cash calls amounting to $429.0 million. These cash calls were funded by way of shareholders loans. The Company did not contribute any amount to these cash calls and Korea Resource Corporation (“KORES”) funded the Company’s pro rata portion (10% or $42.9 million). In accordance with the New Shareholders’ Agreement, KORES now has elected to convert the entire amount it contributed on behalf of the Company to equity in MMB thereby reducing the Company’s interest in MMB from 10% to 7.3%.
About Camrova Resources Inc. (formerly Baja Mining Corp.)
Camrova is a Canadian mining company. Camrova, through Minera y Metalurgica del Boleo S.A.P.I. de C.V. (MMB), currently owns a 7.3% interest in the Boleo copper-cobalt-zinc-manganese project located in Baja California Sur, Mexico. The Boleo Project is projected to annually produce approximately 30,000 metric tonnes of copper, 700 metric tonnes of cobalt and 10,500 metric tonnes of zinc sulfate. The commissioning phase of the processing plant has been declared completed and MMB is actively seeking solutions to improve cash flow. Camrova is working to identify and evaluate alternative project opportunities that are consistent with its technical expertise and have the potential for near-term generation of cash flow or value creation.
For further information, please contact Camrova’s Interim CEO Tom Ogryzlo at 604-685-2323 or via email at [email protected].
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the Company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking statements. Additional risks and uncertainties can be found in the Company’s (formerly “Baja Mining Corp.”) reporting documents filed on SEDAR (www.sedar.com), including its Management Discussion and Analysis. Forward-looking statements are given only as at the date of this press release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Original Article: https://globenewswire.com/news-release/2017/11/23/1205603/0/en/Camrova-Resources-Reports-MMB-Ownership-Dilution.html
