29th Oct 2015 09:06
LONDON (Alliance News) - Mexico-focused silver miner Arian Silver Corp shares were suspended on Thursday after the company said its loan note amendment agreement it was set to reach with Quintana AGQ Holding Co LLC is to be terminated.
Arian had signed a letter of intent with Quintana to amend its loan note agreement in order to provide the company with around USD10.0 million in extra funding.
On Thursday, however, Arian said Quintana has issued notice that it intends to terminate its letter of intent with Arian.
As a result, Arian said it now has "very limited" working capital and, until a revised financing arrangement can be agreed, there is a "material uncertainty" about its financial position.
By Sam Unsted; [email protected]; @SamUAtAlliance
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