As usual, no surprise here. SMF

-

Carpathian Gold extends Macquarie forbearance to May 30

2014-05-16 10:48 ET - News Release

Mr. Guy Charette reports

CARPATHIAN GOLD INC. PROVIDES CORPORATE UPDATE

Carpathian Gold Inc. has concluded a further extended forbearance and amendment agreement with Macquarie Bank Ltd. The agreement provides for a $10-million (U.S.) increase in the amount of funds made available under tranche 3 of the project finance facility entered into between Macquarie and the corporation's wholly owned subsidiary, Mineracao Riacho dos Machados Ltda. (MRDM), for a total facility of up to $165-million (U.S.), of which approximately $157.9-million (U.S.) is currently drawn. Under the terms of the agreement, the forbearance expires on May 30, 2014, with repayment of any funds drawn down under tranche 3 to be effected by June 30, 2014. There is no assurance that any or all of the funds to be provided to MRDM under the terms of the agreement will actually be made available to it as any disbursements thereof remain solely at Macquarie's discretion, nor is there any assurance that Macquarie will agree to any further extensions of the forbearance.