RE:RE:Pleased to Announce??!!?? I apologize for the misdirected humor -- there is a definite reason for the media release in question:
Look at page three of the announcement of the "agreement"
https://tinyurl.com/33r2v374
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Amended and Restated Credit Agreement
Concurrently with entering into the Arrangement Agreement, RCF and the Company entered into the Amended and Restated Credit Agreement to provide for an increase in the commitment thereunder by US$11 million in order to address the Company’s near-term liquidity needs while the Transaction is pending.
The primary amendments include:
• a new US$11 million commitment from RCF to fund the Company’s 2022 work program as described in the Budget attached to the Amended and Restated Credit Agreement and to finance costs associated with the Transaction and the Amended and Restated Credit Agreement;
• changing the date on which the loan is payable from 18 months after May 25, 2022 to March 31, 2023;
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• all management plans and permits for the development of the Pioneer Winter Road (“PWR”) to be completed by October 31, 2022
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• the new US$11 million loan shall become immediately due and payable in full, within seven (7) business days, if the Arrangement Agreement is terminated, annulled or cancelled or if the Company is in breach of any of its material obligations, covenants or conditions thereunder and such breach is not remedied within five (5) days; and
• the Company has agreed to complete a rights offering in an amount of at least US$17 million, unless otherwise mutually agreed between the Company and RCF (the “Rights Offering), within 75 days following receipt by the Company of a request from RCF, which request may be delivered by RCF at any time in the case that the Transaction is cancelled or the Arrangement Agreement is terminated, annulled or cancelled or if the Company breaches any of its material obligations, covenants or conditions thereunder and such breach is not remedied within five (5) days. The Amended and Restated contains customary negative pledges, and certain conditions including the completed Rights Offering, if requested by RCF, and certain other conditions. The first drawdown with respect to the additional loan amount of US$11 million is planned to occur upon receipt of approval of the loan from the TSX.
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So, am I delusional, or does that one line essentially say "If all permits are not in place by Oct 31st then the deal is off..."? If Parks still hasn't said "yes" this could get interesting.