RB Energy Inc. (TSX:RBI) (OTCQX:RBEIF) announces that, in light of the Company’s current financial situation, to facilitate an orderly restructuring of its business and operations, the Board of Directors of the Company has approved a filing on Tuesday, October 14, 2014, for an Initial Order to commence proceedings under the Companies’ Creditors Arrangement Act from the Quebec Superior Court. The terms and conditions of the restructuring have not yet been determined.
The Company expects that the Initial Order will provide that while the Company and its subsidiaries are under CCAA protection, all proceedings on the part of their creditors will be stayed. The Company will provide further updates as developments occur.
About RB Energy Inc.
RBI is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d’Or, the geographical heart of the Quebec mining industry. For more information regarding RBI, please refer to its public filings available at www.sedar.com.
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