Crystallex Executes Commitment Letter for DIP Financing27 minutes ago by Marketwire

Crystallex International Corporation (OTCQB: CRYFQ) ("Crystallex" or the "Company") announced today that it has successfully concluded an auction process to raise debtor-in-possession financing in accordance with the procedures approved by Ernst & Young Inc. (the Monitor of the Company) pursuant to the initial order made by the Ontario Superior Court of Justice (Commercial List) (the "Court") under the Companies' Creditors Arrangement Act (Canada) ("CCAA") on December 23, 2011. As a result, the Company has today executed a commitment letter (the "Commitment Letter") provided by Tenor Special Situation Fund I, LLC (the "Lender") pursuant to which the Lender has agreed, subject to certain conditions including the execution of a senior secured credit agreement, to provide US $36,000,000 to the Company. The financing evidenced by the Commitment Letter is also subject to approval of the Court as well as approval of the U.S. Bankruptcy Court. A hearing before the Court has been scheduled for April 5, 2012 to approve the financing evidenced by the Commitment Letter.

Additional information relating to the Commitment Letter and other matters pertaining to the CCAA proceeding is available on the Company's website at www.crystallex.com and on the monitor's website at www.ey.com/ca/crystallex.

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