Dynasty Metals receives 30-day forbearance from Vertex 2016-07-28 11:27 ET - News Release
Mr. Robert Washer reports
DYNASTY RECEIVES FORBEARANCE PERIOD ON VERTEX ONE ASSET MANAGEMENT INC. NOTES
Dynasty Metals & Mining Inc. has received the following letter from Vertex One, the organization that provided Dynasty with $4-million (U.S.) in notes in April, 2015.
"We are the manager for each of Vertex Managed Value Portfolio and Vertex Enhanced Income Fund with respect to certain notes purchased by the purchasers from Dynasty Metals & Mining Inc., under which Dynasty is currently in default and pursuant to which the purchasers issued demand for payment on April 11, 2016.
"Notwithstanding the default, Dynasty has requested that the purchasers forbear from enforcing the notes and allow the notes to remain outstanding.
"Upon acceptance of this letter by Dynasty, we agree the purchasers have agreed to forbear from enforcement of the notes for a period of 30 days from the date of this letter to allow Dynasty's board of directors and its special committee more time to assess the various liquidity offers that have been presented to them.
"In accepting this letter, Dynasty confirms the default and confirms that the note and the note agreement remain valid and enforceable in accordance with their terms and are not released, amended or merged in any manner as a result of this letter, and shall remain in full force and effect following the execution of this letter, save and except during the forbearance period."
No mention of default in the financial statements issued 5/16. That seems like a material omission.