COE Repays $450,000 of its $1,085,000 Aug 2013 Unsecured Debenture
CanAm Repays $450,000 of its $1,085,000 Aug 2013 Unsecured Debenture and Amends the Terms on the Balance Outstanding
CALGARY, ALBERTA--(Marketwired - Sept. 6, 2013) - CanAm Coal Corp. ("CanAm" or the "Company") (TSX VENTURE:COE)(OTCQX:COECF) is pleased to announce that it has entered into a First Amending Agreement with certain of its debenture holders, which amends certain terms of an Unsecured Convertible Debenture maturing August 31, 2013 as follows:
Extends the Maturity Date of the Debentures from August 31, 2013 to May 8, 2014
Removes the ability to convert the Debentures into common shares of the Company, and
Sets the interest rate at 10% compared to the original 12%
Of the $1,085,000 of Unsecured Convertible Debentures outstanding, holders totaling $630,000 have entered into the Amending Agreement, including insiders holding $45,000. The remaining $455,000 has been repaid, in full. In conjunction with the repayment, the Company received a loan from a Director totaling $100,000. The loan bears interest at 10% and matures on May 8, 2014.
The Amending Agreement is s subject to final approval by the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information and statements about management's view of future events, expectations, plans and prospects, including the use of proceeds from the private placement and the completion of the private placement. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
CanAm Corporate Office:
Jos De Smedt, President & CEO