Tuesday, October 08, 2013 7:13:57 PM
VANCOUVER, Oct. 8, 2013 /CNW/ - Fire River Gold Corp. (TSXV: FAU), (OTCQX: FVGCF), (FSE: FWR) (the "Company" or "Fire River") announced today that is has been unsuccessful in renegotiating the terms of its Senior Secured Gold Stream Credit Agreement (the "Credit Facility") with Waterton Global Value, L.P. ("Lender") and has received demand for payment from the Lender.
The Lender has also notified the Company of its intention to enforce the security granted to the Lender pursuant to the Credit Facility and of its intention to take the Company's shares in its wholly owned subsidiary, Mystery Creek Resources Inc., in satisfaction of the Company's indebtedness to the Lender in accordance with its rights under the British Columbia Personal Property Security Act. The result of such realization process by the Lender would be the loss of substantially all of the Company's assets. The Company knows of no reason that the Lender's realization process will not complete as proposed.
Prior to the demand for payment, the Board of Directors of the Company engaged in significant efforts to find additional sources of financing for the Company. Ultimately, however, the Company was unable to find additional financing, primarily due to the current difficult market conditions.
FIRE RIVER GOLD CORP.
"Blane W. Wilson"
__________________
Blane W. Wilson
President and CEO
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