COMPANY RESTRUCTURING
Project developer Fortune Minerals on Thursday reported that it had completed the second and final stage of the restructuring agreement entered into with former financing partner LRC-FRSM (Lascaux) and its other secured creditors to settle its secured debt obligations and remove the security over the company's Canadian assets. The TSX-listed company earlier this month announced that its subsidiary Fortune Revenue Silver Mines (FRSMI), which owned the Revenue silver mine (RSM), in south-west Colorado, had received notice from Lascaux that it had defaulted on the amended and restated senior secured metal prepay agreement dated March 25, triggering all amounts and deliveries owing under the contract to become immediately due and payable.
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