News Releases
Athabasca Minerals Announces Engagement of Canaccord Genuity as Advisors for the Exploration of Strategic Alternatives
Calgary, Alberta--(Newsfile Corp. - March 28, 2023) - Athabasca Minerals Inc. (TSXV: AMI) ("Athabasca" or the "Corporation"), one of North America's largest suppliers of premium sand today announced that its board of directors (the "Board"), together with the support of management, has initiated a process to evaluate potential strategic alternatives intended to maximize shareholder value. As part of the process, the Board will consider a full range of strategic alternatives, which may include financing alternatives, a merger, amalgamation, plan of arrangement, consolidation, reorganization or other business combinations and other alternatives intended to increase shareholder value.
The Corporation has retained Canaccord Genuity Corp. as its financial advisors and Fasken Martineau DuMoulin LLP as its legal advisors to assist with the strategic review process.
There can be no assurance that the evaluation of strategic alternatives will result in any such strategic alternative, or any assurance as to its outcome or timing. Athabasca does not intend to disclose developments related to the process unless and until Athabasca executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.
"With our shift in focus towards becoming one of North America's largest sand suppliers, and our realignment and refocus on core business units, we believe that we are in one of the strongest operational positions of this Corporation's history. Despite this, our stock is trading well below book value," states Dana Archibald, CEO of Athabasca. "The management team and the Board are aligned in our belief that the best way to maximize shareholder value is to explore options that will unlock our potential and provide a platform for continued growth and success. Throughout this process, we will remain committed to the execution of our work, growing our business, serving our clients and supporting our employees and partners throughout all of the divisions of the Corporation."
ABOUT ATHABASCA MINERALS INC.
Athabasca is an integrated industrial minerals company focused on the production and delivery of frac sand to Canada and the United States. Athabasca also operates aggregate operations in Western Canada and maintains the largest platform for buying, selling and transporting of aggregates through its 100% owned technology platform, AMI RockChain.
For further information, please contact:
- Cheryl Grue, Director, Corporate Affairs
Tel: 587-392-5862 / Email: moc.slarenimacsabahta@eurg.lyrehc
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains certain statements or disclosures relating to Athabasca that are based on the expectations of its management as well as assumptions made by and information currently available to Athabasca which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that Athabasca anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "believe", "continue", "focus", "intend", "may", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: shareholder value; the Corporation's strategic alternatives process; the Corporation's operational position, potential, growth, success, commitments and strategy.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Athabasca including, without limitation: that costs, expenses, and inflationary pressures faced by Athabasca will not continue; availability of debt and/or equity sources to fund Athabasca's capital and operating requirements as needed; certain cost assumptions; Athabasca will continue to conduct its operations in a manner consistent with past operations; that Athabasca's capital resources will be sufficient to meet its forecasted and budgeted expenses and that such expenses will not exceed the level of capital resources available; the ability of Athabasca to obtain and retain qualified staff, equipment, and services in a timely and cost efficient manner; continuity in the management of Athabasca; and the general continuance of current or, where applicable, assumed industry conditions.
Athabasca believes the material factors, expectations, and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market, and business conditions; shareholder value may not be maximized in the manner suggested by Athabasca or at all; Athabasca may be unable to resolve mechanical or operational issues in the timelines anticipated, in the manner anticipated, or at all; increased costs and expenses; reliance on industry partners; that Athabasca will have sufficient working capital to meet its existing contractual obligations, including without limitation certain production commitments that may limit Athabasca's ability to ensure operations are profitable and operational requirements; future co-operation of the creditors of Athabasca and the ongoing willingness of its lenders to provide funds to Athabasca; the ability to maintain relationships with suppliers, customers, employees, shareholders, and other third parties in light of Athabasca's current liquidity situation; and certain other risks detailed from time to time in Athabasca's public disclosure documents including, without limitation, those risks identified in this news release and in Athabasca's annual information form dated April 28, 2022, copies of which are available on Athabasca's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and Athabasca undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160139