Trevali Receives Court Approval for Bridge Funding; announces the extension of the stay of proceedings under the CCAA
VANCOUVER, BC, October 12, 2022 /CNW/ – Trevali Mining Company (“Trevali Corp.” or the “Company”) has announced that the Supreme Court of British Columbia (the “Court”), at the request of the Company and its wholly-owned subsidiary Trevali Mining (New Brunswick) Ltd. (“Trevali NB” and, together with Trevali Corp., “Trevali”), conducted in connection with the ongoing business of Trevali Companies Creditors Arrangement Act (Canada) (“CCAA”) has conditionally authorized and empowered the Company to obtain and borrow up to the maximum principal amount of $16.5 million pursuant to an interim financing tranche (the “DIP Tranche”) to be made available to Trevali Corp. pursuant to the terms of an amendment (the “Fifth Amendment”) to the existing credit facility extended to the Company under the second amendment and restatement of the Credit Agreement dated August 6, 2020 (the “Credit Agreement”) between the Company, as borrower, Banque de New Scotland, as administrative agent (the “Administrative Agent”), and the lenders parties thereto (the “Interim Lenders”). The DIP Tranche will be subject to the terms and conditions set forth in the Credit Agreement as amended by the Fifth Amendment to the terms agreed between Trevali and the Administrator. Approval of the DIP Tranche is conditional on the execution by the Company (with the consent of FTI Consulting Canada Inc. (the “Controller”), the Administrative Agent and the Interim Lenders of the Fifth Amendment on the terms agreed between Trevali and the administrative agent.
On October 11, 2022in conjunction with the DIP Tranche approval, the Court also extended the stay of proceedings applicable to Trevali up to and including December 15, 2022. Pursuant to an initial court order issued under the CCAA on August 19, 2022, Trevali has obtained protection from its creditors for an initial period of ten (10) days (the “Stay Period”). The Court issued a new order on August 29, 2022 approving a first extension of the Ineligibility Period until October 6, 2022. The Court issued a new order earlier this month on October 6, 2022 approving a third extension of the Period of Ineligibility until October 18, 2022.
All inquiries regarding the Company’s CCAA proceedings should be directed to the court-appointed monitor, FTI Consulting Inc. (email: [email protected] or telephone: +1-877-294-8998). Information about the Company’s CCAA proceedings, including all court orders issued and Monitor’s reports, is available on the Monitor’s website at http://cfcanada.fticonsulting.com/trevali /.
About Trevali Mining Corporation
Trevali is a base metal mining company headquartered in Vancouver, Canada. For more details on Trevali, readers are referred to the Company’s website (www.trevali.com) and the Canadian regulatory filings on SEDAR at www.sedar.com.
Caution Regarding Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Forward-looking statements are based on the beliefs, expectations and opinions of the Company’s management as of the date the statement is made, and the Company undertakes no obligation to update any forward-looking statement, except as required by law. ‘required. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “outlook”, “directions”, “budget”, “expected”, “estimates”, ” forecasts”, “intends”, “anticipates” or “believes”, or variations of these words and expressions or statements that certain actions, events or results “could”, “might”, “would”, “might” , “would be taken”, “occur” or “be achieved” or the negative form of these terms or comparable terminology. Forward-looking statements in this press release include, among other things, statements regarding the DIP tranche and its outcome. Forward-looking statements relate to future events or future performance and reflect management’s expectations or beliefs regarding future events, including, but not limited to, statements regarding the results of the DIP tranche. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed. or implied by forward-looking statements. – look at the statements. These factors include, among others, the risk that conditions may not be satisfied with respect to the DIP Tranche, operating in foreign jurisdictions with the risk of changes in government regulations; compliance with government regulations; compliance with environmental laws and regulations; maintaining a social license continues to operate; limitations inherent in our insurance coverage; dispute; and other risks of the mining industry, including, without limitation, the risks and uncertainties that are more fully described in the Company’s Annual Information Form, interim and annual audited consolidated financial statements and report management of such statements, all of which are filed and available for review under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results are not those intended, estimated or intended. Trevali does not guarantee that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Trevali Mining Corporation
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