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BRIEF-Dynasty announces reliance on financial hardship exemption in respect of private placement financing

Published 2016-09-07, 11:31 p/m
© Reuters. BRIEF-Dynasty announces reliance on financial hardship exemption in respect of private placement financing
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Sept 7 (Reuters) - Dynasty Metals & Mining Inc DMM.TO

* Dynasty announces reliance on financial hardship exemption in respect of private placement financing

* Dynasty Metals & Mining Inc - Entered restructuring agreement with Vertex managed value portfolio,Vertex enhanced income fund to defer debt payments owing by company

* Dynasty Metals & Mining Inc - Says secured US$1,500,000 promissory notes incurring interest at 12% with a one year maturity date

* Dynasty Metals & Mining Inc - Says secured US$1,500,000 promissory notes incurring interest at 12% with a two year maturity date

* Dynasty Metals & Mining Inc - Entered into definitive agreements in respect of private placement and is proceeding with closing of private placement

* Dynasty Metals & Mining Inc - Says pursuant to restructuring agreement, 600,000 warrants currently held by Vertex will be repriced to C$0.15

* Dynasty Metals & Mining Inc - Company in serious financial difficulty; private placement, shares for debt settlement,restructuring agreement designed to improve company's financial situation

* Dynasty Metals & Mining Inc - Says company has significant overdue accounts payable of approximately US$10.3 million in aggregate Source text for Eikon: ID:nCCNF720g Further company coverage: DMM.TO

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