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HARTE GOLD has announced that it has entered into a forbearance agreement with BNP Paribas (“BNPP”) pursuant to which BNPP has agreed, subject to certain terms and conditions, to refrain from enforcing its rights and remedies under the senior credit facility agreement (the “Credit Facility”) until September 30, 2021.
On June 30, 2021, the Company announced that BNPP had (a) deferred various payments, including the due date of (i) the principal and interest payments under the Credit Facility originally scheduled for June 30, 2021, and (ii) the settlement payment under the hedge program originally scheduled for July 2, 2021; and (b) waived compliance with the financial covenants under the Credit Facility to July 30, 2021.
The Company and BNPP have now entered into a forbearance agreement (the “Agreement”), pursuant to which BNPP has agreed, subject to the terms of the Agreement, to forbear from exercising its rights and remedies under the Credit Facility and the other Finance Documents (as defined in the Credit Facility) in respect of or arising out of or relating to certain Defaults or Events of Default under the Credit Facility (and set out in the Agreement) which are anticipated to occur prior to September 30, 2021 until the earlier of (i) September 30, 2021 and (ii) the occurrence or existence of any Terminating Event (as defined in the Agreement).
BNPP’s forbearance, which includes forbearing on the Company’s default in making scheduled payments through to September 30, 2021, provides for the continuation of the Company’s strategic review process. However, there can be no assurance that the strategic review process will result in any transaction, whether BNPP will continue to forbear from exercising its rights and remedies on expiry of the Agreement or what the terms or timing of such a transaction or such continued forbearance might be.
To support the continuation of the strategic review process, the Company is actively managing its liquidity and capital resources, including reducing certain sustaining capital expenditures, which may adversely impact production over the next six months. At this time, the Company is unable to provide updated guidance as the process continues to evolve but believes its revised 2021 guidance, issued on May 13, 2021, is at risk and may not be achieved.
The Company will provide an update when further disclosure is required o
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