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TORONTO, ONTARIO--(Marketwired - May 18, 2016) - On May 10, 2016, Chieftain Metals Corp. (TSX VENTURE:CFB), ("Chieftain" or "The Corporation"), its wholly owned subsidiary, Chieftain Metals Inc. and an investment fund advised by West Face Capital Inc. ("West Face") entered into a Forbearance Agreement pursuant to which West Face agreed not to exercise its rights under its security that became enforceable on March 31, 2016 (see press release dated April 6, 2016) until August 2, 2016. In consideration of the Forbearance Agreement, Chieftain has agreed to the payment to the lender of $150,000 or 3 million common shares of the Corporation at the option of West Face. |
