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White River gold miner on shaky ground in scratching for development financing
The creditor for Harte Gold is providing additional time for the struggling White River gold miner to raise money and sort out its debt obligations.
BNP Paribas has agreed with Harte Gold to an extension of a forbearance agreement, from Sept. 30 to Oct. 15, to enable the Toronto-based mining company to continue with a strategic review process and possibly secure a deep-pocketed partner. Harte Gold operates the Sugar Zone Mine, 25 kilometres north of White River.
Harte has run into its share of financial and operational woes in the last couple of years, encountering difficulties in keeping to a schedule of loan payments to its biggest lender, BNP Paribas.
Harte and BNP Paribas entered into a forbearance agreement last July. A forbearance agreement is a legal tool used by lenders when borrowers breach the terms of a loan. It grants the borrower some time to resolve financial issues and return to an acceptable payment schedule in return for certain conditions to be met.
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