CALGARY, ALBERTA–(Marketwired – Dec. 24, 2015) – Long Run Exploration Ltd. (“Long Run” or the “Company”) (TSX:LRE) announces that it has entered into an interim forbearance and amending agreement to its credit agreement with its lending syndicate.
The lending syndicate has acknowledged the previously announced event of default resulting from the termination of the Maple Marathon Investments Limited amended and restated investment agreement dated November 8, 2015. The lending syndicate has agreed to forbear from exercising their rights and remedies related thereto until January 22, 2016. The Company’s availability under its credit facilities will be limited to $610 million during this period, of which approximately $590 million is currently drawn.
During the interim forbearance period, the Company will work with the lending syndicate towards mutually acceptable credit facilities terms which allow Long Run to pursue the plan of arrangement as announced on December 21, 2015 for the benefit of all stakeholders.
Visit the Company’s website at www.longrunexploration.com.