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Andover gets notice of claim for unpaid promissory note
2013-06-05 14:38 ET - News Release
Mr. Gordon Blankstein reports
ANDOVER MINING CORP. PROVIDES UPDATE ON PROMISSORY NOTE PAYMENTS
Andover Mining Corp. has been served with a notice of civil claim by Enirgi Group Corp., with respect to certain unsecured promissory notes issued by the company. The notice of civil claim was filed in the British Columbia Supreme Court on June 4, 2013.
The notes are dated Sept. 23, 2011, for a principal amount of $2.5-million (U.S.); April 30, 2012, for a principal amount of $2.5-million (U.S.) with a maturity date of May 1, 2014; and Aug. 31, 2012, for a principal amount of $1.5-million (U.S.) with a maturity date of Sept. 1, 2014. The notes were previously issued to Sentient Executive GP IV Ltd., as general partner of Sentient Global Resources Fund IV LP, part of the Sentient Group private equity investment firm, and transferred to Enirgi Group on March 27, 2013. Only the Sept. 23, 2011, note has matured.
Enirgi Group, on May 23, 2013, made demand on the Sept. 23, 2011, note which led to discussions between the parties. These discussions continue. The company intends to honour its obligations under the Sept. 23, 2011, note but if the company is required to respond to the civil claim, will defend itself vigorously against all allegations.
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