TSXV:MDW - Post Discussion
Post by
santi69 on Mar 29, 2015 1:42pm
Free-Fall to continue?
It looks like Midway has until 20 May 2015 to come up with some additional funds or they may be moved to default status if I am reading their document correctly.
From a SEDAR doument:
As of February 28, 2015, we had cash and cash equivalents of approximately U.S.$5,900,000. The amount of additional required funding will result from negotiations with the lenders to amend certain terms of the Debt Facility. Negotiations with other parties to obtain the funding required to complete construction of the Pan Mine and fund operations and reserve requirements under the Debt Facility, and avoid an event of default, including negotiations with the lenders to amend certain terms of the Debt Facility, are ongoing. We cannot provide any assurance that we will be able to amend our Debt Facility to secure more favorable terms, raise additional capital or draw down the remaining balance under the Debt Facility.
(The emphasis above is mine)
It looks like things could stay bumpy for some time.
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