Red Ea­gle re­ceives de­fault no­tice from lenders

Stockwatch Daily - - MINES & METALS - An anony­mous di­rec­tor re­ports

RED EA­GLE Min­ing Corp.’s se­cured lenders have given a de­fault no­tice, have is­sued a de­mand let­ter un­der the se­cured credit fa­cil­ity and in­tend to ap­point FTI Con­sult­ing as re­ceiver over Red Ea­gle Min­ing’s as­sets. Red Ea­gle Min­ing had ne­go­ti­ated a re­struc­tur­ing, an­nounced Aug. 24, 2018, un­der which the se­cured lenders would write off a sig­nif­i­cant part of their debt to en­able Red Ea­gle Min­ing to recom­mence op­er­a­tions, but the re­struc­tur­ing was con­tin­gent upon a $38-mil­lion (U.S.) eq­uity fi­nanc­ing from An­ni­bale SAC, per­son­ally guar­an­teed by its prin­ci­pal Fer­nando Palazuelo. An­ni­bale de­faulted on that com­mit­ment, and as a re­sult, the re­struc­tur­ing could not pro­ceed.

We seek Safe Har­bor.

Robert Wilt­shire Bell, Jef­frey Robert Ma­son, Robert Bruce Pease, Ian Paul Slater, Henry Jay Su­jir

(R) Shares: 444,368,075

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