Ivernia Receives Temporary Interest and Repayment Moratorium

- February 13th, 2015

Ivernia Inc. (TSX:IVW) announced that due to the depressed LME lead metal price, it has agreed upon a five-month moratorium on interest and repayments while the company conducts a financial and strategic review.

Ivernia Inc. (TSX:IVW) announced that due to the depressed LME lead metal price, it has agreed upon a five-month moratorium on interest and repayments while the company conducts a financial and strategic review. The report also provided an update on the progress of its transition to care and maintenance of its mining and milling operations.

As quoted in the press release, some of the key points include:

  • Lead metal prices have remained depressed since December 2014
  • Mining and milling operations have ceased with final shipments of lead concentrate expected to be completed by the end of the month
  • The process of reducing the workforce is nearly complete with the Mine and Perth office now operating at care and maintenance staffing levels
  • The Company has obtained a suspension on principal and interest payments under the Sprott Facility until July 31, 2015 (as further described below)
  • The Company has obtained a supporting letter of forbearance from Enirgi Group with respect to amounts that Ivernia owes to Enirgi Group under the Enirgi Facility (as further described below)
  • The Company has obtained a suspension on making payments to Enirgi Group under the management services agreements for services performed from the date hereof up to June 30, 2015 (as further described below)
  • A Special Committee of the Board of Directors is now conducting a financial and strategic review of the Company’s operations

Click here to read the full Ivernia Inc. (TSX:IVW) press release.

Leave a Reply