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Harte Gold receives default notice from Appian
Chicago, Aug. 3 – Harte Gold Corp. received a notice of default from ANR Investments 2 BV and AHG (Jersey) Ltd. under the financing agreement from July 14, 2020 between ANR and Harte Gold and the financing agreement from Aug. 28, 2020 between AHG and Harte Gold, according to a press release.
Among other alleged events of default, AHG and ANR cite the company’s default under its senior credit facility with BNP Paribas as an event which triggers a cross-default under the financing agreement.
The terms of the intercreditor agreement from Aug. 28, 2020 between Harte Gold, AHG and BNP mean that AHG is prohibited without the prior written consent from BNP of taking any enforcement action until 135 days have passed from the date which the notice was delivered.
The terms of the credit agreement also provide for a 19% default interest rate from the date of default.
Harte Gold is a gold exploration company based in Toronto.
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