5th Apr 2016 07:32
LONDON (Alliance News) - Edge Resources Inc Tuesday said its lender has demanded the company repay its outstanding debt in full and issued a notice stating it will enforce security under the Bankruptcy and Insolvency Act in Canada, leaving the company struggling to stay afloat.
Edge has been asked to repay the USD8.4 million it owes in debt to Alberta Treasury Branch by next Monday, and the lender has also issued a Notice of Intention to Enforce Security pursuant to the Bankruptcy and Insolvency Act.
Edge Resources said it is trying to strike a deal for its "subordinated lender" to acquire the debt from ATB, which would allow the company to continue operating, but warned that there is no guarantee that this will happen before the deadline that lies only a matter of days away.
Edge Resources shares continue to remain suspended but will be cancelled at the end of next week as it does not intend to appoint a new nominated adviser, something every London-listed company requires.
By Joshua Warner; [email protected]; @JoshAlliance
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