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| Home : Lightstream Announces Update on Recapitalization Transaction |
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Aug 11
2016 |
Lightstream Announces Update on Recapitalization Transaction |
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CALGARY, ALBERTA--(Marketwired - Aug. 10, 2016) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) announces that, in connection with our previously announced proposed recapitalization transaction to be implemented by way of a plan of arrangement under the Canada Business Corporations Act (the "Arrangement"), the Company continues to seek, but has not yet obtained, sufficient commitments from lenders to provide a new revolving credit facility to the Company upon completion of the Arrangement (the "New Facility Commitments"). The receipt of the New Facility Commitments by August 9, 2016 was a condition to the continuation, through August 12, 2016, of the previously announced forbearance by the Company's lenders, under which the lenders agreed to forbear from exercising their enforcement rights and remedies arising on account of existing defaults under the existing revolving credit facility. As a result, the lenders' forbearance has expired; however, the lenders have not indicated to the Company that they have any current intention to exercise any enforcement rights in respect of the Company's existing credit facility. The Company has requested an extension to the forbearance and is in continuing discussions with both our existing lenders with respect to the forbearance extension and with potential lenders under our proposed new revolving credit facility. Subject to the Company obtaining satisfactory commitments to provide the new revolving credit facility, we anticipate entering into a second forbearance agreement with the lenders to extend the forbearance through the anticipated completion of the Arrangement and implementation of a new revolving credit facility. |
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| Source:http://www.marketwired.com/mw/release.do?id=2149440&sourceType=3 |
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