TORONTO, ONTARIO–(Marketwired – Dec. 16, 2015) – Arehada Mining Limited (“Arehada” or the “Company“) (NEX:AHD.H) is pleased to provide the following update.
As previously announced, the Company will need to use Renminbi to purchase Canadian dollars to be expropriated to Canada for distribution to Canadian resident shareholders, and the Company needed to apply to China’s State Administration of Foreign Exchange (“SAFE“) for approval for such amount. The Company applied, through its indirect subsidiary, Yunnan Xuming Tiancheng Tourism Development Co., Ltd. (“Tiancheng“), for the SAFE approval for remittance of funds to Canada. Tiancheng’s application is for permission to reduce the registered capital of Tiancheng.
The Company is pleased to announce that it is in the final stage of SAFE approval, whereby Tiancheng’s application was published in Yunnan Legal Daily, a government newspaper, on December 15, 2015. If there are no objections raised to the Tiancheng application, final SAFE approval will be granted after 35 days following the publication, after which Tiancheng will be able to reduce its registered capital and transfer the excess capital to the Company in Canada.
Once the Company receives the funds from Tiancheng, the Company will proceed with the dissolution process including satisfying outstanding obligations and making interim distributions to shareholders.
Forward Looking Information
The above contains forward looking information that is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Generally, forward looking information can be identified by the use of forward looking terminology such as “plans”, “expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward looking information in this press release relates to the management’s expectation on the receipt of final SAFE approval and timing for the approval, management’s expectation on receipt of funds from Tiancheng, and management’s expectation on liquidation of the assets, satisfaction of all liabilities, distribution of remaining assets to shareholders and completion of the dissolution. Although we believe the expectations reflected in our forward looking information are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Readers should not place undue reliance on forward looking information.
Betty Si-Ge Wang
Arehada Mining Limited
Chief Financial Officer