2013-07-29 17:24 PT - News Release
Mr. John Key reports
TAMERLANE MISSES INTEREST PAYMENT AND RECEIVES DEMAND NOTICE FROM LENDER
Tamerlane Ventures Inc. has not made the $127,327.86 (U.S.) interest payment to Global Resource Fund on the company's senior secured bridge loans, which was due July 25, 2013. Late Friday afternoon, July 26, 2013, the company received a notice of default from Global Resource Fund and a demand for payment in full by Aug. 6, 2013, of all amounts due under the loans, which totalled $12,100,254 (U.S.) as of July 26, 2013. The lender also issued a notice of intention to enforce security.
A group of directors, management and shareholders made several proposals to Global Resource Fund in mid-July to finance the interest payments and operations for the next several months, while the company reviews proposals for the sale of its Los Pinos copper property in Peru and financing to develop its Pine Point zinc mine. Two investment banks have been working diligently on both of these fronts and have already received letters of interest, and are expecting to receive several more letters of interest by Aug. 1, 2013.
The company is currently engaged in discussions with Global Resource Fund, which is managed by Renvest Mercantile Bancorp Inc., and is evaluating its options.