RE:Total capitulation down 13% on high volume !Just for everyon's info as to what may be happing ? Excellon Reports Third Quarter 2021 Financial Results
Toronto, Ontario – November 16, 2021 –
The Company’s assets in Mexico, including those held in San Pedro, are security for the Convertible Debentures. The Company is monitoring and assessing whether the Judgment and actions taken by the plaintiff to date in connection with enforcing the Judgment could be considered to constitute an event of default under the trust indenture dated July 30, 2020 governing the outstanding Convertible Debentures (the "Indenture").
While the Company does not consider that an event of default has occurred under the Indenture, the Debenture holders may try to take the position that an event of default has occurred under the Indenture.
An event of default under the Indenture, if not cured or waived, could result in the acceleration of all the Company's debt under the Debentures and could materially and adversely affect the Company’s future operations, cash flows, earnings, results of operations, financial condition and the economic viability of its projects.
San Pedro has not received any notice that the plaintiff has initiated any insolvency proceedings or any enforcement proceedings that could result in San Pedro losing control of the toll milling operations.
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If this happens it will be a no win for everyone. IMHO
M2