COMPANY RESTRUCTURING
Canadian miner Fortune Minerals has entered into a two-pronged restructuring agreement with former funding partner LRC-FRSM (Lascaux) and its other secured creditors to settle its secured debt obligations. 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 funding partner LRC-FRSM (Lascaux) that events of default had occurred under 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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