Jaguar Mining (TSX:JAG, Stock Forum), a Toronto-based gold mining firm engaged in acquiring, exploring, developing and operating Brazilian gold mineral properties, announced today that the company was granted an order from the Ontario Superior Court of Justice to extend the court-ordered stay of proceedings against the company and its subsidiaries under the Companies' Creditors Arrangement Act (“CCAA”) until April 25, 2014.
In other news the company also announced, “...it has reached an agreement with holders of the Company's 4.5% Senior Unsecured Convertible Notes due November 1, 2014 and 5.5% Senior Unsecured Convertible Notes due March 31, 2016 (collectively, the "Noteholders") to extend the outside date for implementation of the Amended and Restated Plan of Compromise and Arrangement dated February 5, 2014 (as amended, the "Plan") to April 25, 2014.”
It went on to detail, “The outside date under each of the Support Agreement and the Backstop Agreement, each dated as of November 13, 2013, as amended, between the Company, its subsidiaries and the Noteholders party thereto, was similarly extended to April 25, 2014. Assuming satisfaction or waiver of the conditions within the expected time frames, the Company anticipates implementing the Plan on or around April 22, 2014.”