GoviEx Uranium Inc (CVE:GXU), a Canadian mineral resource company focused on the exploration and development of its African uranium properties, said Monday that a repayment schedule linked to a forbearance agreement between the company, Linkwood Holdings Private Limited and Medea Capital Partners Ltd, has been amended.
As a result, GoviEx Uranium said the monthly repayment amounts have been “modified” to allow one of Linkwood's security investments to complete a public listing process.
In a statement, GoviEx said it has agreed to “forbear collection procedures” to allow Linkwood time to liquidate assets and repay the loan in full based on continuing monthly payments, together with default interest at a rate of 11.5% until July 30, 2020.
“The amendment will see a reduction in the amount of payments scheduled to be made in December 2019, and January, 2020, and an increase in the amount of payments scheduled to be made in April, May, June and July of 2020,” said the company.
The loan is still scheduled to be repaid in full by July 30, 2020.
GoviEx said Linkwood continues to make payments as it liquidates assets which until now have been provided as additional collateral to the loan. The statement highlighted that the team at Linkwood was “committed” to ensuring GoviEx is repaid in a “structured and timely manner.”
GoviEx Uranium is focused on its African uranium properties in Niger, Zambia, Mali, and Namibia.
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