Infinito Announces Update Regarding Standstill Agreement with Noteholders
2011年4月1日 - 6:42AM
PR Newswire (Canada)
CALGARY, March 31 /CNW/ -- Trading Symbol: TSX-V: IG CALGARY, March
31 /CNW/ - Infinito Gold Ltd. (the "Company") announces that the
standstill agreement (the "Agreement") with Exploram Enterprises
Ltd. ("Exploram") and Auro Investments Ltd. ("Auro") in respect of
defaults under the outstanding $50,500,000 Secured Convertible
Notes (the "Notes") of the Company held by Exploram and Auro
(together, the "Noteholders") and the waivers granted by Exploram
and Auro (together, the "Holders") with respect to certain events
of default under the Agreement both will expire on April 1, 2011.
The Company has been advised by the Noteholders that they will not
enter into a new standstill agreement as they wish to maintain
access to their full rights under security agreements securing the
Company's obligations under the outstanding $50,500,000 Secured
Convertible Notes (the "Notes"). With the expiry of the Agreement
and no waiver of existing events of default under the Notes and
related security agreements, as of the date of this news release
the Noteholders can now demand repayment of all $50.5 million in
principle, plus accrued interest, penalty interest and structuring
fees totalling $20.3 million. The Company has been advised by the
Noteholders that their current intention is not to exercise their
rights to demand payment under the Notes or to enforce their
security. In addition to the outstanding Notes, the Company also
has $12.2 million in outstanding demand loans from Exploram plus
accrued interest of $1.8 million. Because the demand loans of the
Company have always been payable upon demand and because the
Agreement could be terminated with three business days notice by
the Noteholders, this development does not change the Company's
current liquidity position or the going concern assumption adopted
by the Company in preparing its consolidated financial statements
and related disclosures. In the event that the legal proceedings
commenced by the Company in January 2011 with the Administrative
Law Chamber of the Supreme Court of Costa Rica are not resolved in
a timely and favorable manner, if new information pertaining to the
November 2010 Tribunal Contencioso Adminastrativo ruling becomes
available, if short term financing for the pursuit of legal appeals
is not obtained, or if the Noteholders exercise their rights under
the security agreements delivered in connection with the Notes, the
carrying value of certain mineral interests, property plant and
equipment, and deposits on long lead-time equipment would become
impaired, and the Company would cease to be a going concern. The
Company entered into a demand loan facility on July 22, 2010 with
availability of $6.8 million, and has drawn $5.8 million in funds
as of the date of this news release. While the Company continues to
seek alternative financing arrangements, it is not possible to
predict whether these efforts will be successful. The Company will
monitor its cash flow requirements and continue to operate in a
prudent manner to preserve cash. The Company has $0.2 million in
cash on hand and remaining availability of $1.0 million under this
demand loan which is now expected to satisfy the Company's cash
requirements to approximately April 30, 2011. However, subsequent
advances under this demand loan are at the sole discretion of
Exploram. Caution Regarding Forward-Looking Information and
Statements Certain statements in this press release address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. These factors include the stated
intentions of the Holders of the Notes, impact of the Tribunal
Contencioso Adminastrativo (the "Tribunal") decision, the impact of
the request for annulment ("Casación") filed by the Company with
the Supreme Court of Costa Rica, ("SALA I"), the timing and nature
of any future legal proceedings, the impact of the current
injunction on development at the Costa Rican mine site and the
timing and nature of any future ruling rendered with respect to
this injunction, the timing and availability of short-term and
long-term financing, the impact of general business and economic
conditions, global liquidity and credit availability on the timing
of cash flows and the values of assets and liabilities based on
projected future conditions, fluctuating gold prices, currency
exchange rates, possible variations in ore grade or recovery rates,
changes in accounting policies, changes in the Company's corporate
resources, changes in project parameters as plans continue to be
refined, changes in project development, construction, production
and commissioning time frames, risk related to joint venture
operations, the possibility of project cost overruns or
unanticipated costs and expenses, higher prices for fuel, steel,
power, labour and other consumables contributing to higher costs
and general risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated, unexpected
changes in mine life, unanticipated results of future studies,
seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities,
permitting time lines, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending litigation and labour disputes, as
well as those risk factors discussed or referred to in the
Company's annual Management's Discussion and Analysis for the year
ended March 31, 2010 filed with the applicable securities
regulatory authorities and available at SEDAR www.sedar.com.These
statements are made as of the date of this release but Company
undertakes no obligation to update these forward-looking
information or statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking information or statements.
INFINITO GOLD LTD. John Morgan President "The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of this
release." To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/March2011/31/c8420.html
p align="center" bINFINITO G/bbOLD LTD./bbr/ b600, 1100
1/bsupbst/b/supb Street S.E./bbr/ bCalgary, Alberta T2G 1B1/bbr/
bTelephone: (403/bb) 444-5191/b /p
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