REDCORP ANNOUNCES FILING OF FINANCIAL STATEMENTS DELAYED BY CCAA RESTRUCTURING
March 30, 2009 – Vancouver, British Columbia. Redcorp Ventures Ltd. (“Redcorp”) (TSX:RDV) obtained an order on March 4, 2009 to commence Redcorp’s restructuring under the Companies’ Creditors Arrangement Act (“CCAA”).
Further to its release of March 27, 2009, Redcorp today announced that pursuant to the Extension Order of the British Columbia Supreme Court made March 27, 2009, Redcorp has been granted relief from certain securities and regulatory filing requirements that Redcorp would otherwise be subject to as a reporting and listed company, in order to facilitate the restructuring plan.
As a result of the CCAA process, Redcorp will be unable to file, by March 31, 2009, its audited consolidated financial statements for the fiscal year ended December 31, 2008 and related documentation such as management’s discussion and analysis and the annual information form (the “Annual Filings”), as required by the securities legislation applicable in the provinces in which Redcorp is a reporting issuer.
Redcorp also anticipates that it will be unable to file, by May 15, 2009, its similarly required interim financial statements for the three month period ended March 31, 2009 and related documentation, such as management’s discussion and analysis (the “Interim Filings”).
The preparation and filing of the Annual Filings and the Interim Filings have been delayed as the result of Redcorp’s restructuring activities under the CCAA.
It is anticipated that Redcorp will be able to file the Annual Filings and Interim Filings after the completion of its restructuring process. At this time, it is estimated that Redcorp will emerge from its restructuring process by mid-2009.
By not making the Annual Filings and the Interim Filings by March 31, 2009 and May 15, 2009, respectively, Redcorp will be in default of its filing requirements and will be listed on the defaulting issuers list maintained by certain securities regulatory authorities in Canada. However, pursuant to the March 27, 2009 Court Order the securities regulatory authorities in Canada will not impose a cease trade order against Redcorp during the time it is subject to the CCAA stay order of the Supreme Court of British Columbia nor will the Toronto Stock Exchange suspend the trading in its securities or take steps to delist Redcorp’s securities.
In accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, Redcorp intends to satisfy the provisions of the alternative information guidelines while it remains in default of its financial statement filing requirements. Redcorp also intends to disclose the same information that it provides to its creditors in the manner in which it would a material change.
Redcorp is a Vancouver based mineral exploration and development company with active projects in British Columbia, Canada and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on our website at www.redcorp-ventures.com and at Redfern’s website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations, at 1-888-225-9662 or (604) 466-8934.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
“Terence Chandler”
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