GREY:IPRSF - Post by User
Post by
SPCguy18on Aug 30, 2017 8:45am
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Post# 26636093
From Q2
From Q2Not sure if you guys seen this already but here is something I guess...
"Effective May 31, 2017, the Company entered into a further waiver and amendment agreement whereby mandatory principal repayments were amended such that the Company is now required to pay an amount of not less than US$20,000,000 upon the earlier of July 31, 2017 or a restructuring of the Term Loan Facility pursuant to a proposed transaction. As well, certain financial and operation covenants were amended for the period up to July 31, 2017. The Company paid a fee of US$100,000 ($132,380) with respect to this waiver. As of June 30, 2017, the Company is offside on certain covenants not covered by this latest amendment and waiver agreement. The Company is currently in negotiations with TEC as the proposed transaction has not been completed and the Company has not made the US$20,000,000 payment required by July 31, 2017."