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| Home : Execution by Appalaches Resources of a Forbearance Agreement With its Principal Lender |
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Oct 28
2014 |
Execution by Appalaches Resources of a Forbearance Agreement With its Principal Lender |
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RIMOUSKI, QUEBEC--(Marketwired - Oct. 27, 2014) - Pursuant to its press release dated October 3, 2014, Appalaches Resources Inc. (the "Corporation") (TSX VENTURE:APP) is pleased to announce that it has executed with its principal lender, Lascaux Resources Capital Fund 1 LP ("Lascaux"), a Forbearance Agreement (the "Agreement") pursuant to which Lascaux agrees to forbear all currently outstanding defaults of the Corporation as of October 9, 2014 pursuant to the various agreements executed by the Corporation with Lascaux. Pursuant to the Agreement, subject to certain terms and conditions, Lascaux agrees to forbear the Corporation's obligations until January 15, 2015 in order to enable the Corporation to find additional financing with a view to restart the operations at the Dufferin Mine. In conjunction with the Agreement, Lascaux has also agreed to support the operations at the Dufferin Mine with a secured short term working capital facility that may be used to cover the necessary care and maintenance costs of the Dufferin Mine as well as potentially other costs associated with restarting the operation and maximizing value. Funds will be made available on an as-needed basis up a maximum amount of $1,000,000 and the facility will bear interest at the annual rate of 13% on funds actually advanced. In consideration for the execution by Lascaux of the Agreement, the Corporation has agreed to pay to Lascaux forbearance and monitoring payment of $100,000 and to pay its fees and disbursements. |
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| Source:http://www.marketwired.com/mw/release.do?id=1961397&sourceType=3 |
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