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Claude Resources, Inc. Message Board

  • This says it all:

    "As a condition of obtaining the covenant waiver, the Company agreed to exercise commercially
    reasonable efforts to effect a sale or other transaction of all or a portion of its assets by July 31, 2014. The
    Company has engaged a financial advisor to assist with this process."

    Page 3 MDA.

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    • (b) Term Loan Amendment Agreement

      Subsequent to December 31, 2013, the Company executed a Waiver and Credit Amendment Agreement (“Amendment
      Agreement”) which renegotiated the terms of its $25.0 million term loan (the “Loan”) with Crown Capital Partners Inc.
      (“CCP”). The Amendment Agreement has modified certain covenants within the original Term loan with CCP. The
      timing of principal payments has not changed pursuant to the Amendment Agreement; monthly payments of $0.3
      million will begin in May 2014. Interest on the Term loan remains fixed at 10 percent, compounds monthly and is
      payable monthly. The maturity date of the Term loan remains 60 months from closing (April 2018). As a condition of
      the amending agreement, the Company agreed to exercise commercially reasonable efforts to effect a sale or other
      transaction of all or a portion of its assets by July 31, 2014. The Company has engaged a financial advisor to assist with
      this process. Upon mutual agreement with CCP, prepayment fees pursuant to the original agreement have been waived.
      In addition, the 5,750,000 common share purchase warrants pursuant to the original agreement have been cancelled in
      conjunction with the waiver of the covenant breach for consideration of $1.0 million (Note 24 (d)).

      Pg 94 MDA

 
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