Golden Dawn to extend debt option rights deadline
2019-10-18 10:08 ET - News Release
Mr. Christopher Anderson reports
GOLDEN DAWN PROVIDES UPDATE ON STATUS OF DEBT REORGANIZATION
Golden Dawn Minerals Inc. is progressing toward completing the debt reorganization and restructuring plans first announced on April 8, 2019, and updated in the company's press releases dated July 12, 2019, and Aug. 16, 2019. The debt reorganization and restructuring centres on an agreement between the company and 1136130 B.C. Ltd., pursuant to which the company can convert a significant amount of its existing liabilities into equity and favourably amend the terms of its remaining senior secured liabilities owing to RIVI Opportunity Fund LP.
To afford the company additional time to fully implement the debt reorganization transactions, RIVI and 1136130 have reached an agreement with the company to extend the deadline for the company to acquire and exercise the rights under the debt option agreement to Nov. 17, 2019, with an option to further extend that deadline to Dec. 17, 2019, upon payment to RIVI of a $750,000 instalment on the amount payable to RIVI under the debt reorganization agreement.