BRIEF-Golden Band seeks court approval of proposal to creditors & cancellation of existing shares

Fri Jul 22, 2016 3:31pm EDT
 
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July 22 (Reuters) - Golden Band Resources Inc

* Golden Band seeks court approval of proposal to creditors & cancellation of existing shares

* Bankruptcy and Insolvency Act Proposal by co to its creditors was approved by creditors on July 22, 2016

* Says proposal contemplates Procon Resources Inc. or its nominee acquiring shares of co under a bid transaction

* Says closing date of transaction is expected to be August 12, 2016

* Golden Band Resources says purchase price by Procon under stalking horse credit bid equals obligations of Golden Band to Procon under credit agreement

* Says all existing shares and equity interests in Golden Band will be retracted, cancelled and extinguished Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780)