Toronto, Ontario--(Newsfile Corp. - September 9, 2019) - Mainstream Minerals Corporation (the "Company") announces that it has been served with a statement of claim by a secured creditor (the "Creditor") against the Company seeking foreclosure on the Company's nine (9) patented mineral claims comprising its Bobjo Property, in connection with the default of payments by the Company to the Creditor under the terms of a secured Charge/Mortgage dated September 6, 2017, registered in the Land Registry Office for the Land Titles Division for the District of Kenora.
As the Company does not currently have sufficient cash to make payment in respect of the demand, and does not expect to be able to raise sufficient capital in the short term to make payment, the board of directors of the Company does not anticipate being able to defend the action.
For further information, please contact:
President & Chief Executive Officer
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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