Bear Creek Mining Announces Retirement of Directors and Update of Debt Amendments and Credit Extension
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) has announced key changes to its Board of Directors and provided updates on debt restructuring efforts. Andrew Swarthout, a company founder who served as President and CEO until 2017, and Sandra Daycock, who joined the board in November 2023, have retired from their positions as directors.
The company is currently finalizing documentation for two significant financial arrangements: (1) Debt Amendments with Equinox Gold Corp. and Sandstorm Gold to temporarily defer certain interest payments, and (2) a Credit Extension of up to US$6.5 million from Sandstorm. Both arrangements are pending approval from the TSX Venture Exchange.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) ha annunciato importanti cambiamenti nel suo Consiglio di Amministrazione e fornito aggiornamenti sugli sforzi di ristrutturazione del debito. Andrew Swarthout, fondatore dell'azienda che ha ricoperto il ruolo di Presidente e CEO fino al 2017, e Sandra Daycock, entrata nel consiglio nel novembre 2023, si sono ritirati dalle loro posizioni di direttori.
L'azienda sta attualmente finalizzando la documentazione per due importanti accordi finanziari: (1) Modifiche al Debito con Equinox Gold Corp. e Sandstorm Gold per rinviare temporaneamente alcuni pagamenti degli interessi, e (2) un'estensione di credito fino a 6,5 milioni di dollari USA da Sandstorm. Entrambi gli accordi sono in attesa di approvazione da parte della TSX Venture Exchange.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) ha anunciado cambios clave en su Junta Directiva y ha proporcionado actualizaciones sobre los esfuerzos de reestructuración de deuda. Andrew Swarthout, un fundador de la empresa que se desempeñó como Presidente y CEO hasta 2017, y Sandra Daycock, quien se unió a la junta en noviembre de 2023, se han retirado de sus puestos como directores.
La empresa está finalizando actualmente la documentación para dos acuerdos financieros significativos: (1) Enmiendas de Deuda con Equinox Gold Corp. y Sandstorm Gold para diferir temporalmente ciertos pagos de intereses, y (2) una Extensión de Crédito de hasta 6,5 millones de dólares estadounidenses de Sandstorm. Ambos acuerdos están pendientes de aprobación por parte de la TSX Venture Exchange.
베어 크릭 마이닝 (TSXV: BCM) (OTCQX: BCEKF)는 이사회의 주요 변경 사항을 발표하고 부채 재구성 노력에 대한 업데이트를 제공했습니다. 앤드류 스와르투트, 2017년까지 회사의 회장 겸 CEO를 역임한 창립자와 산드라 데이콕, 2023년 11월에 이사회에 합류한 이사가 이사직에서 은퇴했습니다.
회사는 현재 두 가지 중요한 재정 계약에 대한 문서를 마무리하고 있습니다: (1) 특정 이자 지급을 일시적으로 연기하기 위한 Equinox Gold Corp. 및 Sandstorm Gold와의 부채 수정, (2) Sandstorm로부터 최대 650만 달러의 신용 연장. 두 계약 모두 TSX 벤처 거래소의 승인을 기다리고 있습니다.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) a annoncé des changements clés au sein de son Conseil d'Administration et a fourni des mises à jour sur les efforts de restructuration de la dette. Andrew Swarthout, un des fondateurs de l'entreprise ayant exercé les fonctions de Président et PDG jusqu'en 2017, et Sandra Daycock, qui a rejoint le conseil en novembre 2023, ont pris leur retraite de leurs fonctions de directeurs.
L'entreprise finalise actuellement la documentation pour deux arrangements financiers significatifs : (1) des modifications de dette avec Equinox Gold Corp. et Sandstorm Gold pour reporter temporairement certains paiements d'intérêts, et (2) une extension de crédit allant jusqu'à 6,5 millions de dollars US de la part de Sandstorm. Les deux arrangements sont en attente d'approbation de la TSX Venture Exchange.
Bear Creek Mining (TSXV: BCM) (OTCQX: BCEKF) hat wichtige Änderungen im Vorstand angekündigt und Updates zu den Bemühungen um die Schuldenrestrukturierung bereitgestellt. Andrew Swarthout, ein Unternehmensgründer, der bis 2017 als Präsident und CEO tätig war, und Sandra Daycock, die im November 2023 in den Vorstand aufgenommen wurde, haben ihre Positionen als Direktoren aufgegeben.
Das Unternehmen finalisiert derzeit die Dokumentation für zwei bedeutende Finanzvereinbarungen: (1) Schuldenänderungen mit Equinox Gold Corp. und Sandstorm Gold, um bestimmte Zinszahlungen vorübergehend zu verschieben, und (2) eine Kreditverlängerung von bis zu 6,5 Millionen US-Dollar von Sandstorm. Beide Vereinbarungen stehen noch zur Genehmigung durch die TSX Venture Exchange aus.
- Potential access to additional US$6.5 million in credit from Sandstorm
- Temporary interest payment relief through debt amendments
- Company requires debt restructuring and payment deferrals indicating financial stress
- Additional credit will increase debt burden
Vancouver, British Columbia--(Newsfile Corp. - March 20, 2025) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") announces that Andrew Swarthout and Sandra Daycock have retired from the Board of Directors (the "Board"). The Company also announces that documentation regarding the Debt Amendments and Credit Extension (each, as defined below) announced in its news release dated March 4, 2025 continues to advance in partnership with Equinox Gold Corp. ("Equinox") and Sandstorm Gold Ltd. ("Sandstorm").
Resignation of Directors
Further to its news release dated March 4, 2025, the Company announces the retirement of Andrew Swarthout and Sandra Daycock from the Board. Mr. Swarthout was a Founder of the Company in 2003 and served as the Company's President and CEO until 2017. Ms. Daycock was appointed to the Board of Directors in November 2023 and elected as a director by shareholders in June 2024. The Board reiterates its sincere gratitude to Mr. Swarthout, a veteran director and executive of Bear Creek for over 22 years, and Ms. Daycock for their valuable contributions to the Company.
Debt Amendments and Credit Extension
Further to Bear Creek's news releases on March 4, 2025 and March 11, 2025, Equinox, Sandstorm and the Company continue to advance definitive documentation related to (i) the amending agreements with each of Sandstorm and Equinox to temporarily defer certain interest payments under certain outstanding debt arrangements (the "Debt Amendments"); and (ii) the extension of up to US
On behalf of the Board of Directors,
Eric Caba
President and Chief Executive Officer
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
www.bearcreekmining.com
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Cautionary Statement Regarding Forward-Looking Statements
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation. Forward-Looking information can often be identified by forward-looking words such as "intend" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: the completion and timing of the Debt Amendments and Credit Extension and Exchange approval of each. These forward-looking statements are provided as of the date of this news release, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them.
In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to assumptions related to the Company's operating results, business objectives, goals and capabilities. Although management considers the assumptions underlying its forward-looking statement to be reasonable based on information available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and the risk exists that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but may include additional risks as described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR+. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245354
FAQ
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What debt arrangements is Bear Creek Mining (BCEKF) currently negotiating?
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