GREY:CLRYF - Post by User
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Shonv320000000on Jan 29, 2019 5:19pm
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News....Articles @nasdaq/debentures-in-default-on-maturity-forbearance-sought channel 2 online Subscribe by @nasdaq on January 29, 2019 Debentures in Default on Maturity Forbearance Sought and Debt Repayment Proposed TORONTO, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Clarocity Corporation (TSXV: CLY; OTCQB: CLRYF) (Clarocity) announced today that an event of default has occurred in respect of $20,050,000 principal amount of secured debentures which matured and became due and payable January 25, 2019. Clarocity is unable to repay the debentures and is seeking forbearance from debentureholders from enforcing the security held over all of Clarocitys assets. StableView Asset Management Inc. (StableView), as the principal secured lender and lender representative for the debentureholders, has agreed in principle to the forbearance conditional upon shareholders of Clarocity approving of the sale to iLOOKABOUT(the Proposed Transaction) of Clarocitys Valuation Vision Inc. and Clarocity Valuation Services, LLC businesses (the Operating Businesses).