Barkerville Gold Mns Ltd BGMZF

You only get so many extensions and then....

[Czechlate]

Calmena expects lender to demand payment; board resigns 2015-01-19 06:38 MT - News Release Mr. John King reports CALMENA ANNOUNCES SENIOR LENDER ACTION AND DIRECTOR RESIGNATIONS Calmena Energy Services Inc. is providing an update on its senior credit facilities. On October 29, 2013, Calmena and its senior lender (the "Senior Lender") entered into an agreement whereby the Senior Lender agreed to forbear from demanding payment or enforcing security with respect to amounts owing by Calmena under its Credit Facilities with the Senior Lender on certain terms. Calmena and the Senior Lender subsequently entered into several extension agreements pursuant to which the Senior Lender agreed to continue to forbear from demanding payment or enforcing its security under the Credit Facilities until January 15, 2015. To date the Senior Lender has not granted continued forbearance. The Senior Lender has verbally indicated to the Company that it intends to imminently issue a formal demand for repayment of the Credit Facilities, however to date no formal written demand for repayment of the Credit Facilities has been received by Calmena or any of its subsidiaries from the Senior Lender. Three of Calmena's directors have a conflict, given they are, directly or indirectly, holders of an aggregate of $10.6 million of secured debt of the Company, which debt is subordinated to the Credit Facilities. Given these developments, all five members of Calmena's board of directors tendered their resignations to Calmena, which resignations were made effective at the close of business January 15, 2015. The Company owes approximately $16.6 million under the Credit Facilities. The Credit Facilities are secured by all of Calmena's and its subsidiaries' assets located in Canada, USA and Mexico.