EDMONTON (CP) -- The Edmonton-headquartered company announced after closed Tuesday that it has undertaken to complete a new technical report for the Redstone mine that complies with the Canadian mining standards.
Liberty said it intends to have that completed within six months.
It will also have an updated feasibility study for the McWatters mine reviewed by an independent qualified person within six months.
The prior McWatters feasibility study was done partly by a qualified person employed by the company, rather than an independent person as required under Canadian standards.
National Instrument 43-101 sets the Canadian standard for companies reporting oil, gas and mineral resources. The resource information is a critical factor used by investors and lenders as they decide which projects and companies to fund.
Liberty Mines announced on Sept. 29 that it had arranged up to $32 million in financing, comprised to senior secured notes and share purchase warrants. One of the conditions of the financing was receipt of all regulatory approvals.
The offering had been scheduled to close by Oct. 15.
(c) The Canadian Press