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| Home : QMX Enters Forbearance Agreement With Secured Creditor |
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Oct 30
2014 |
QMX Enters Forbearance Agreement With Secured Creditor |
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TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - QMX GOLD CORPORATION (TSX VENTURE:QMX)("QMX" or the "Company") has entered into a binding term sheet (the "Term Sheet") with Third Eye Capital Inc. (the "Administrative Agent"), acting on behalf of secured creditors as the administrative agent in respect of a note purchase agreement with the Company and its subsidiaries (collectively referred to herein as the "Company") dated November 28, 2012 (the "NPA"). The Term Sheet sets out the key terms of a forbearance agreement in respect of the NPA and remains subject to the execution by the Company and the Administrative Agreement of a definitive agreement (the "Forbearance Agreement"). On October 8, 2014, the Administrative Agent delivered to the Company a notice of intention to enforce security (the "Notice") pursuant to section 244 of Bankruptcy and Insolvency Act (Canada) (the "Act") but has not taken any action under the Act. The amount of the Company's indebtedness under the NPA is US$16,061,774.41. A confidential material change report was filed with the regulatory authorities on October 9, 2014. |
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| Source:http://www.marketwired.com/mw/release.do?id=1962903&sourceType=3 |
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