TORONTO, ONTARIO–(Marketwired – Feb. 5, 2016) –
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Century Global Commodities Corporation (TSX:CNT), formerly Century Iron Mines Corporation (TSX-FER) (“Century” or the “Company”), is pleased to announce that it has filed its condensed consolidated interim financial statements for the third fiscal quarter ended December 31, 2015 and the related management’s discussion and analysis (“MD&A”) on SEDAR. Copies of these documents will also be posted on Century’s website at www.centuryglobal.ca.
At the corporate level, the Company reported substantial corporate working capital of $36.5 million, comprised of $25.2 million in cash and bank deposits and $12.4 million in net receivables (primarily from its joint ventures) that are not tied to any iron ore project development. In addition, the Company reported a cash and bank balance of $15.0 million in Labec Century, a joint venture with WISCO International Resources Development & Investment Limited (“WISCO”).
The Company is also pleased to report that effective February 1, 2016, it completed its continuation from British Columbia to the Cayman Islands (the “Continuation”). This Continuation received near unanimous support from Century’s shareholders at the special meeting of shareholders held on December 16, 2015. Century is now governed by the Companies Law (2013 Revision) of the Cayman Islands, and the Memorandum and Articles of Association that now comprise the primary charter document for the Company have been filed on SEDAR. The Continuation complements the Company’s current business plan of expanding its business activities in scope and geography and is expected to provide the Company with the flexibility to undertake activities outside Canada through a more internationalized corporate structure.
The Continuation was concluded in compliance with TSX policies, and at an effective date that will be announced by the TSX, the ISIN and CUSIP numbers for the Company’s shares will change. Shareholders of the Company desiring to exchange certificates for their pre-continuation common shares of the Company with certificates reflecting the ordinary shares of the post-continuation Cayman Islands Company may do so by contacting their financial advisors or the Company.
Further to Century’s continuation, the Company’s principal headquarters will now be located at Unit 304, 3/F, Wing On Plaza, 62 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong. The Company’s wholly owned Canadian subsidiary, Century Iron Ore Holdings Inc., will continue to maintain its headquarters at 200 University Ave, Suite 1301, Toronto, Ontario.
Century is an exploration and development company with significant properties in the prolific Labrador Trough in Québec, Newfoundland and Labrador, as well as the James Bay area of Québec. Century has two key strategic partners, WISCO and Minmetals, both Chinese state-owned enterprises. Each provides financial resources and technical expertise to assist the Company in advancing its projects. Century’s most advanced project is the Joyce Lake DSO project, a joint venture with WISCO located close to Schefferville, Québec. Century owns 60% in the joint venture and WISCO owns 40%. It is planned as a 2.5 million tonne per annum direct shipping iron ore project. A feasibility study was completed in March 2015. After discovery and identification of multi-billion iron resources in the past few years, the Company is evolving in a diversified strategic direction. In addition to iron ore development, Century is committed to exploring and evaluating global opportunities outside of the iron ore market, such as the non-ferrous sector and the food industry, to create shareholder value through the efficient allocation of capital resources. Century’s website is www.centuryglobal.ca.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS “FORWARD-LOOKING INFORMATION” WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY’S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY’S BUSINESS, AS DESCRIBED IN CENTURY’S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2015. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.