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Santacruz Silver Announces Expiry of CrediPresto Exclusive Mandate Period re Debt Agreement; Solicitation of Restructuring Debt Agreement; Extension of Agreement with JMET LLC
Santacruz Silver Announces Expiry of CrediPresto Exclusive Mandate Period re Debt Agreemen...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Announces Expiry of CrediPresto Exclusive Mandate Period re Debt Agreement; Solicitation of Restructuring Debt Agreement; Extension of Agreement with JMET LLC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSantacruz Silver Announces Expiry of CrediPresto Exclusive Mandate Period re Debt Agreement; Solicitation of Restructuring Debt Agreement; Extension of Agreement with JMET LLC\nCanada NewsWire\nVANCOUVER, Jan. 14, 2016\n\n\n\nTSX.V: SCZ FSE: 1SZOTCQX: SZSMF\n\n\n\nVANCOUVER, Jan. 14, 2016 /CNW/ - Santacruz Silver Mining Ltd. (\"Santacruz\" or the \"Company\") (TSX.V:SCZ) reports that the exclusive mandate period provided to the CrediPresto Group in connection with the previously announced proposed Loan Facility with the CrediPresto Syndicate (see news release November 24, 2015) has expired. The terms of the proposed Loan Facility contemplated the Company and the CrediPresto Syndicate closing the transaction on or before December 31, 2015. In connection with this event the Company has opened discussions with other groups in addition to the CrediPresto Syndicate with respect to restructuring and replacing the current corporate debt.\n\nIn addition, the Company has entered into an amended agreement with JMET LLC, under the Pre-Paid Forward Silver Purchase Agreement (the \"JMET Agreement\"). Under the amended terms the Company now has an extension until June 2016 before the commencement of the scheduled monthly deliveries. \n\nArturo Préstamo, President and Chief Executive Officer, stated: \"While we are disappointed that we were unable to close the Loan Facility in the time frame expected, we continue to work with the CrediPresto Syndicate on this matter, while concurrently pursuing discussions with other interested parties so as to secure a new debt agreement in a timely manner. We are grateful to JMET and appreciate their consideration to extend the timing of the start of the silver deliveries under our agreement. This extension should allow the Company the necessary time required to complete a new debt agreement that will help bring the C...