Bell Copper’s Mexican project in default
12th Jun 2012
JUNE 12 – Bell Copper Corp’s La Balsa Iron Ore Project in Mexico is in more trouble after defaulting on its credit facility with Macquarie Bank.
Bell says the default issues of its 100%-owned subsidiary, Rogue River Resources Corp, include trade debt in excess of the facility, failure to obtain the required permits relating to iron ore activities on its La Balsa project and failure to deliver a bankable feasibility study on the project. The credit facility is secured by a charge over the La Balsa project.
The company says it has yet to receive any payment demands under the facility and intends to negotiate a mutually satisfactory resolution with Macquarie, as well as continuing current discussions with a number of interested parties.
Earlier this month, Bell suspended the La Balsa feasibility study and announced a 7-for-1 share consolidation.
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