TSX:JAG
TORONTO, April 21, 2014 /CNW/ - Jaguar Mining Inc.
("Jaguar" or the "Company") announces that it has
obtained an order from the Ontario Superior Court of Justice
(Commercial List) extending the period of the Court-ordered stay of
proceedings against Jaguar and its subsidiaries under the
Companies' Creditors Arrangement Act (the "CCAA")
until April 25, 2014.
The Company also announces that it has reached
an agreement with holders of the Company's 4.5% Senior Unsecured
Convertible Notes due November 1,
2014 and 5.5% Senior Unsecured Convertible Notes due
March 31, 2016 (collectively, the
"Noteholders") to extend the outside date for implementation
of the Amended and Restated Plan of Compromise and Arrangement
dated February 5, 2014 (as amended,
the "Plan") to April 25,
2014. The outside date under each of the Support
Agreement and the Backstop Agreement, each dated as of November 13, 2013, as amended, between the
Company, its subsidiaries and the Noteholders party thereto, was
similarly extended to April 25, 2014.
Assuming satisfaction or waiver of the conditions within the
expected time frames, the Company anticipates implementing the Plan
on or around April 22, 2014.
All inquiries regarding the CCAA proceedings should
be directed to the Monitor, FTI Consulting Canada Inc., via e-mail
at: jaguarmining@fticonsulting.com or telephone: (416) 649-8044 or
1 (855) 754-5840. Information about the CCAA proceedings, including
copies of all court orders and the Monitor's reports, are available
at the Monitor's website
http://cfcanada.fticonsulting.com/jaguar.
Forward-Looking Statements
Certain statements in this press release
constitute "Forward-Looking Statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. These Forward-Looking
Statements include, but are not limited to, statements concerning
the Company's ability to implement the Plan. Forward-Looking
Statements can be identified by the use of words such as "are
expected", "is forecast", "is targeted", "approximately" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might", or
"will" be taken, occur or be achieved. Forward-Looking Statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results or performance to be materially
different from any future results or performance expressed or
implied by the Forward-Looking Statements.
These Forward-Looking Statements represent the
Company's views as of the date of this press release. The Company
anticipates that subsequent events and developments may cause the
Company's views to change. Factors which could cause results or
events to differ from current expectations include, among other
things: Jaguar's ability to complete the Plan in the time period
contemplated, if at all, which is dependent on its ability to
comply with the closing conditions to the Plan; actions taken by
the Company's noteholders, lenders, creditors, shareholders, and
other stakeholders to enforce their rights; actions taken against
the Company by governmental agencies and securities and other
regulators; actions taken by the Monitor; and other factors not
currently viewed as material that could cause actual results to
differ materially from those described in the Forward-Looking
Statements.
The Company does not undertake to update any
Forward-Looking Statements, either written or oral, that may be
made from time to time by or on behalf of the Company subsequent to
the date of this discussion except as required by law. For a
discussion of important factors affecting the Company, including
fluctuations in the price of gold and exchange rates, uncertainty
in the calculation of mineral resources, competition, uncertainty
concerning geological conditions and governmental regulations and
assumptions underlying the Company's forward-looking statements,
see the "CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS" and
"RISK FACTORS" in the Company's Annual Information Form for the
year ended December 31, 2013 filed on
SEDAR and available at http://www.sedar.com.
The securities to be offered in connection with
the CCAA proceedings and under the Plan have not been registered
under the United States Securities Act of 1933, as amended
(the "Securities Act"), or any state securities laws of
the United States and, unless so
registered, may not be offered or sold in the United States, except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws of the United
States. It is contemplated that the securities will be
issued pursuant to one or more exemptions from the Securities Act.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy the securities nor shall there be
any sale of the securities in any state of the United States in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About Jaguar Mining Inc.
Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais and owns the Gurupi
Project in Northeastern Brazil in
the state of Maranhão. The Company also owns additional mineral
resources at its approximate 210,000-hectare land base in
Brazil. Additional information is
available on the Company's website at www.jaguarmining.com.
SOURCE Jaguar Mining Inc.