LeadFX: One Year Extension for Secured Debt Repayment

LeadFX (TSX:LFX) has reached an agreement with Enirgi Group, it’s secured lender, to extend the maturity date for re-payment of its outstanding principal and interest to June 20 2017.
As quoted in the press release:

Enirgi Group has agreed to enter into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the Company to extend the maturity date and, subject to certain limited exceptions, forbear from exercising its rights therein, until June 30, 2017. All other material terms and conditions of the secured credit agreement will remain the same. The Amended and Restated Credit Agreement will be executed subject to the satisfaction of certain conditions, including, (i) the receipt of all necessary regulatory and stock exchange approvals, and (ii) approval by a majority of the disinterested shareholders (“Minority Shareholders”) of LeadFX at the annual and special meeting of shareholders of the Company to be held on Thursday, June 9, 2016 (the “Meeting”), in accordance with the rules of the Toronto Stock Exchange.
Further details will be provided by the Company with respect to the business of the Meeting at the time of filing of the Management Information Circular.

LeadFX Managing Director Robert Scargill said:

We are pleased that Enirgi Group has agreed to extend the maturity date for payment of the outstanding balance for another 12 months. The extension, together with the recently announced loan facility with Sentient Group, will allow us the financial flexibility to maintain restart readiness at the Paroo Station Mine and seek to grow our lead-silver project portfolio. We encourage all Minority Shareholders to vote in favour of the Amended and Restated Credit Agreement at the Meeting.

Click here for the full press release.