April 16, 2015 09:54 ET
MDN Receives Cash From Dispute Settlement
MONTREAL, QUEBEC–(Marketwired – April 16, 2015) – MDN Inc. (TSX:MDN) (the “Company”) is pleased to announce that it has received the amount of 784,893,170 Tanzanian shilling, or approximately 545,000 Canadian dollars, following the settlement of a dispute with the Tanzanian Revenue Authority (the “TRA).
Since the summer of 2013, the TRA was retaining an amount in sales tax receivable of the Company. The Company had immediately notified the TRA National Commissioner of his opposition since it has always paid its due to the TRA.
MDN Inc. wishes to thank the Tanzanian government authorities and the Canadian High Commissioner of Tanzania for their cooperation in this matter.
“We are very pleased with the good outcome of this dispute”, commented Claude Dufresne, President and CEO.” The amount will enable us to continue the development of our projects, “said M. Dufresne.
About MDN (TSX:MDN)
MDN Inc. is a mining exploration and development company with properties in Quebec and Tanzania. In Quebec, MDN holds a 72.5% interest in Crevier Minerals Inc., which owns a NI 43-101 niobium-tantalum resource and 100% of the Samaqua property.
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This press release contains forward-looking statements. Such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements are discussed in greater detail in the Company’s most recent Annual Information Form filed on SEDAR. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the factors mentioned in the Annual Information Form, as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and as such, the forward-looking statements in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.