Veris Gold Corp. Receives Notice of Early Termination Date Veris Gold Corp. Receives Notice of Early Termination Date
Vancouver, BC – June 3, 2014 – Veris Gold Corp. (“Veris” or the “Company”) (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) advises that it has received notices of Early Termination Date dated June 3, 2014, from Deutsche Bank AG, London Branch (“DB”), with respect to payment defaults under the two Forward Gold Purchase Agreements between DB and the Company.
Under the Forward Gold Purchase Agreement dated August 12, 2011, the effect of the receipt of the Notice of Early Termination Date is that the Company must make a payment of US$77,239,320.56 by 5 pm PDT on June 9, 2014, failing which payment DB shall take such steps as necessary to enforce its rights against the Company.
Under the Second Lien Forward Gold Purchase Agreement dated February 7, 2012, the effect of the receipt of the Notice of Early Termination Date is that the Company must make a payment of US$12,204,978.98 by 5 pm PDT on June 9, 2014, failing which payment DB shall take such steps as necessary to enforce its rights against the Company.
The two agreements are described in more detail in the Company’s news releases dated August 15, 2011 and February 8, 2012.
The Company’s Restructuring Special Committee is considering the Company’s alternatives with respect to these notices, and will be making recommendations to the Board on an urgent basis.
Vancouver, BC – June 3, 2014 – Veris Gold Corp. (“Veris” or the “Company”) (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) advises that it has received notices of Early Termination Date dated June 3, 2014, from Deutsche Bank AG, London Branch (“DB”), with respect to payment defaults under the two Forward Gold Purchase Agreements between DB and the Company.
Under the Forward Gold Purchase Agreement dated August 12, 2011, the effect of the receipt of the Notice of Early Termination Date is that the Company must make a payment of US$77,239,320.56 by 5 pm PDT on June 9, 2014, failing which payment DB shall take such steps as necessary to enforce its rights against the Company.
Under the Second Lien Forward Gold Purchase Agreement dated February 7, 2012, the effect of the receipt of the Notice of Early Termination Date is that the Company must make a payment of US$12,204,978.98 by 5 pm PDT on June 9, 2014, failing which payment DB shall take such steps as necessary to enforce its rights against the Company.
The two agreements are described in more detail in the Company’s news releases dated August 15, 2011 and February 8, 2012.
The Company’s Restructuring Special Committee is considering the Company’s alternatives with respect to these notices, and will be making recommendations to the Board on an urgent basis.