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| Home : GrowthWorks Canadian Fund Amends Participation Agreement With Roseway Capital |
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Aug 17
2013 |
GrowthWorks Canadian Fund Amends Participation Agreement With Roseway Capital |
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TORONTO, ONTARIO--(Marketwired - Aug. 16, 2013) - GrowthWorks Canadian Fund Ltd. ("Canadian Fund") announced today that it has entered into a fifth amendment to the Participation Agreement dated May 28, 2010 (the "Participation Agreement") with Roseway Capital S.a.r.l. ("Roseway") whereby a payment of $20 million that was payable to Roseway on August 16, 2013 will now become payable on September 3, 2013 and a further $5.7 million will become payable to Roseway by September 10, 2013. Those amounts will bear interest at the rate of 18% per annum from the date on which they were originally payable by Canadian Fund. Canadian Fund continues to be engaged in active discussions with Roseway regarding a possible further, longer-term extension of those payment obligations, as well as amendments to certain other terms of the Participation Agreement and the security agreement (the "Security Agreement") in favour of Roseway which grants a charge over certain portfolio and other assets of the Fund. In connection with this amendment, Roseway has also waived until September 4, 2013 a default under the Security Agreement tied to the Fund maintaining a minimum net asset value. Canadian Fund cannot assure investors that these discussions will result in any further extension of the dates by which Canadian Fund must make those payments or that Canadian Fund will have sufficient funds to pay those amounts when due. |
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| Source:http://www.marketwire.com/mw/release.do?id=1821935&sourceType=3 |
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