Execution by Appalaches Resources of a Forbearance Agreement With its Principal Lender
(firmenpresse) - RIMOUSKI, QUEBEC -- (Marketwired) -- 10/27/14 -- 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.
The Corporation is confident that, following this support by Lascaux of the care and maintenance plan of the Dufferin Mine with the objective to restart the operations, it will be able in the next following weeks to find additional sources of financing.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada with an expertise targeted towards the Appalachian geological formation in Quebec and Nova Scotia. The Company is mainly focused on the exploration and development of the Dufferin Gold Mine in Nova Scotia.
Photos of the Dufferin Mine and its facilities are available on the Company's website at:
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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking statements that include elements of risk and uncertainty. Consequently, actual results may differ substantially from those anticipated in such statements. These risks and uncertainties are described in the quarterly and annual reports, and in the documents submitted to the securities administration.
Contacts:
Alain Hupe
President and CEO
418-724-0901
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Unternehmensinformation / Kurzprofil:
Datum: 27.10.2014 - 18:56 Uhr
Sprache: Deutsch
News-ID 347197
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contact information:
Town:
RIMOUSKI, QUEBEC
Kategorie:
Mining & Metals
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