Mercator Transport Announces Forbearance Agreement with Faunus Group International
09 Gennaio 2014 - 11:00PM
Access Wire
MONTREAL, QUEBEC,
January 9, 2014 - Mercator Transport Group Corporation ("Mercator
Transport" or the "Corporation") (TSX-V: GMT), announces it has
entered into a forbearance agreement (the "Agreement") with Faunus
Group International, Inc. ("FGI"), relating to
certain breaches in the performance of obligations of the
Corporation and subsidiaries Mercator Transport International Inc.
and 6432328 Canada Inc., pursuant to the financing US$5,000,000
concluded with FGI on March 30, 2012 (the "Financing").
Pursuant to the terms
of the Agreement signed January 9, 2014, FGI has agreed to forbear
from exercising its rights with respect to the above-mentioned
breaches and from demanding payment of a total amount of
US$2,058,542.07 owed by the Corporation and its subsidiaries to FGI
pursuant to the Financing (the "Debt") until February 14,
2014, according to the terms and conditions set forth in the
Agreement.
As consideration for the Agreement,
Mercator Transport International Inc. and 6432328 Canada Inc. have
agreed to pay US$20,000 as forbearance fee to FGI on the date of
signature of the Agreement. The Debt, as well as all fees incurred
by FGI for the conclusion of the Agreement, are payable on February
14, 2014, including any additional interest accrued on the Debt,
with interest at the rates set forth in the Financing.
As further guarantee and concurrent
to the signature of the Agreement, Mr. Jean-Pierre Apelian,
President and CEO of the Corporation, has granted a personal
guarantee for the execution of the obligations of the Corporation's
subsidiaries pursuant to the Financing.
About Mercator Transport
Mercator Transport
specializes in air, ocean and ground freight forwarding,
international logistics and distribution. Based in Montreal
(Canada), with offices in Lyon (France) and Buenos Aires
(Argentina), Mercator Transport offers value-added services in
global supply chain management, and designs tailor-made solutions.
Customer intimacy and commitment differentiates Mercator
Transport in its ability to implement customers'
requirements.
Neither TSX Venture Exchange nor its
Regulatory 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.
For further information:
Mr. Robert Gagnon, Chief Financial
Officer
Investor relations
investisseur@corpgmt.com
(514) 738-6464
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