GREY:LSTMF - Post by User
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AstroCalgaryon Nov 23, 2016 3:44pm
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Post# 25504499
News Out
News Outhttps://boereport.com/2016/11/22/lightstream-announces-successful-bid-under-ccaa-sale-procedures/
CALGARY, ALBERTA–(Marketwired – Nov. 22, 2016) –Lightstream Resources Ltd. (the “Company” or “Lightstream”) announces that the sale procedures under the Companies’ Creditors Arrangement Act (“CCAA”) have concluded and that the credit bid (“Credit Bid”) submitted by the ad hoc committee of holders of approximately 91.5% of the Company’s 9.875% second lien secured notes due 2019 is the successful bid. In accordance with the sale procedures, the Company will seek to implement the Credit Bid by finalizing the terms of the definitive agreements and applying to the Court of Queen’s Bench of Alberta for an approval and vesting order anticipated to be heard on December 8, 2016. Closing of the transaction is expected to occur prior to December 31, 2016.