The Company has received a notice, dated February 9, 2015, from The Bank of New York Mellon, as trustee (the "Trustee") under the Indenture, notifying the Company that an Event of Default has occurred by reason of the Company not paying the interest due on the 5.75% Debentures on December 31, 2014 and the expiration of the 30 day grace period for paying the interest payment.
The aggregate principal amount of 5.75% Debentures outstanding under the Indenture is C$73.3 million, plus accrued and unpaid interest of approximately C$2.1 million / US$1.8 million. The notice demanded that the Company immediately pay the interest payment.