Fire River Receives Default Notice
October 08 2013 - 5:45PM
OTC Markets
Fire River Receives Default Notice
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Fire River Receives Default Notice
Canada NewsWire
VANCOUVER, Oct. 8, 2013
VANCOUVER, Oct. 8, 2013 /CNW/ - Fire River Gold Corp. (TSXV:
FAU),
(OTCQX: FVGCF), (FSE: FWR) (the "Company" or "Fire River")
announced
today that is has been unsuccessful in renegotiating the terms of
its
Senior Secured Gold Stream Credit Agreement (the "Credit
Facility")
with Waterton Global Value, L.P. ("Lender") and has received demand
for
payment from the Lender.
The Lender has also notified the Company of its intention to
enforce the
security granted to the Lender pursuant to the Credit Facility and
of
its intention to take the Company's shares in its wholly owned
subsidiary, Mystery Creek Resources Inc., in satisfaction of
the
Company's indebtedness to the Lender in accordance with its
rights
under the British Columbia
Personal Property Security Act. The result of such
realization process by the Lender would be the loss
of substantially all of the Company's assets. The Company knows of
no
reason that the Lender's realization process will not complete
as
proposed.
Prior to the demand for payment, the Board of Directors of the
Company
engaged in significant efforts to find additional sources of
financing
for the Company. Ultimately, however, the Company was unable to
find
additional financing, primarily due to the current difficult
market
conditions.
FIRE RIVER GOLD CORP.
"Blane W. Wilson"
__________________
Blane W. Wilson
President and CEO
Cautionary Statement Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services
Provider (as
that term is defined in the policies of the TSX Venture
Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements regarding
the
business and operations of Fire River Gold. In particular,
statements
regarding use of proceeds and production targets in the upcoming
years
are forward-looking statements. There can be no assurance that
such
statements will prove to be accurate and actual results and
future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ
materially from Fire River's plans or expectations include
risks
relating to the actual results of current exploration
activities,
fluctuating gold prices, possibility of equipment breakdowns
and
delays, exploration cost overruns, availability of capital and
financing, general economic, market or business conditions,
regulatory
changes, timeliness of government or regulatory approvals and
other
risks detailed herein and from time to time in the filings made by
Fire
River with securities regulators. Fire River expressly disclaims
any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events
or
otherwise except as otherwise required by applicable securities
legislation.
SOURCE Fire River Gold Corp.
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