July 15, 2019
VANCOUVER, CANADA –GoviEx Uranium Inc. (TSX-V: GXU; OTCQB: GVXXF) (“GoviEx”or “Company”) has entered into a forbearance agreement with Linkwood Holdings Pte Ltd. (“Linkwood”)and MedeaCapital Partners Limited (“Medea”),as borrower and guarantor respectively, to restructure theUS$2.75 million loan GoviEx granted to Linkwood, which was announced July 9, 2018 and amended on December 31, 2018(the “Loan”).
Linkwoodwas unable to make the required payment on June 30, 2019 to retire the Loanas agreed. As a result, GoviEx has declared the Loan to be in default.
Pursuant to theforbearance agreement,GoviEx hasagreedto forbear collection procedures to allow Linkwoodtime to liquidate assets and repay the Loan in full based on ongoing monthly payments, together with default interest at a rate of 11.5%, over the next 12 months.
Linkwood has made and continues to make payments to GoviEx as they liquidate assets, which have now been provided as additional collateral to the Loan, and that will be used,in addition to the existing collateralunder the Loan,to permit continued repayment of the Loan to GoviEx. The team at Linkwood remainscommitted to ensuring GoviEx is repaid, in an achievable, structured and timely manner.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Please read the complete press release at the following link: LINK