Tamerlane Ventures, Inc. To Be Moved From TSX Venture Exchange To NEX
May 21 14
In accordance with TSX Venture Policy 2.5, Tamerlane Ventures, Inc. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on May 22, 2014, the company's listing will transfer to NEX, the company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Vancouver to NEX. As of May 22, 2014, the company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. Further to the Exchange Bulletin dated February 10, 2014, trading in the shares of the company will remain suspended.
Tamerlane Ventures On The Block
Aug 27 13
Tamerlane Ventures, Inc. (TSXV:TAM) has filed for bankruptcy protection in Canada and seeks to sell assets. Tamerlane has initiated a sale and investment solicitation process agreement to identify one or more financiers, purchasers or investors in Tamerlane's business with completion of a
transaction no later than January 7, 2014.
Tamerlane Ventures, Inc. Announces Entry into a Term Sheet for Up to Approximately $1 Million of DIP Financing
Aug 26 13
Tamerlane Ventures Inc. announced that the Initial Order under the Companies' Creditors' Arrangement Act (Canada) ("CCAA") sought by the Company and Pine Point Holding Corp. was made by the Ontario Superior Court of Justice on August 23, 2013. The company's senior secured lender, Global Resource Fund, consented to the granting of the Initial Order to allow the company further time to explore any and all avenues of restructuring the company which would result in the company's indebtedness to Global being fully repaid. A fee of $770,000 to Global Resource Fund has been capitalized and added to the amount of Global Resource Fund's secured debt in exchange for its agreement of forbearance since the company's last default. The Order and related Court documents are filed on SEDAR under the company's profile. While under CCAA protection, Tamerlane will continue working to restructure its financial affairs. The Court has appointed Duff & Phelps as the CCAA monitor. Among other things, CCAA protection stays creditors and others from enforcing rights against Tamerlane and affords Tamerlane the opportunity to continue attempting to restructure its financial affairs. The Court has granted CCAA protection for an initial period to September 22, 2013, which is expected to be extended thereafter for an additional period ending January 7, 2014. If the indebtedness owing to Global Resource Fund is not satisfied by that date, or if there is an earlier default as set out in the relevant documents, subject to the discretion of the Court, it is expected that a receiver will be appointed, and the Company has irrevocably consented to the appointment of a receiver. While under CCAA protection, Tamerlane will attempt to restructure its financial affairs under the supervision of the Monitor. The Monitor will also be responsible for liaising with creditors and other stakeholders of the Company and reporting to the Court. The company has also entered into a DIP (Debtor-in-Possession) Loan term sheet for proceeds of up to $978,571 to be provided by Global Resource Fund. A $30,000 structuring fee and 12% interest will be paid to Global Resource Fund. Under the terms of the DIP, the obligations of the company in connection with the DIP Loan have been secured by a court-ordered charge over all present and after-acquired property, assets and undertakings of the Company and Pine Point, and by guarantees of the company's subsidiaries Pine Point and Tamerlane Ventures USA Inc. in favour of Global Resource Fund. The DIP Lender's Charge ranks in priority to all other creditors, interest holders, lien holders and claimants of any kind whatsoever, subject only to an administrative charge in favour of the Monitor, counsel to the Monitor and counsel to the Company in an amount up to $300,000 and a financial advisor's charge in an amount up to $300,000. A directors' charge in an amount up to $45,000 will rank after the DIP Lender's Charge but prior to Global Resource Fund's security under its pre- existing loans. The company also agreed to certain covenants and negative covenants as set out in the term sheet. The term sheet contains a number of events of default, including without limitation, the failure to repay all amounts owing to Global Resource Fund on or before January 7, 2014, the breach of, or failure to perform or observe any covenant, certain events happening in the CCAA proceeding and a number of other enumerated events. Regulatory approval will also be sought from the TSX Venture Exchange. At the request of the Company and Global Resource Fund, the Court ordered that the Company, its financial advisor and the Monitor enter into a Sale and Investment Solicitation Process Agreement to identify one or more financiers, purchasers or investors in Tamerlane's business with completion of a transaction no later than January 7, 2014. PricewaterhouseCoopers Corporate Finance Inc. has been selected as the financial advisor. PricewaterhouseCoopers Corporate Finance Inc., with oversight by the Monitor, will conduct a financing, sale and investment solicitation process on all of Tamerlane's properties or to make an investment in Tamerlane. The company will pay PricewaterhouseCoopers Corporate Finance Inc. a work fee and a success fee dependent upon the outcome of the services.