Mercator Transport Announces Forbearance Agreement with Faunus Group Internationaladmin
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
Posted: January 9th, 2014 under ACCESSWIRE.