BRIEF-Lightstream Enters Into Agreement In Connection With Recapitalization

Thu Jul 28, 2016 5:50pm EDT
 
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July 28 (Reuters) - Lightstream Resources Ltd

* Lightstream Enters Into Arrangement Agreement In Connection With Its Proposed Recapitalization Transaction

* Terms Of Arrangement Agreement And Arrangement Unanimously Approved By Board Of Directors Of Lightstream

* Continues To Work Towards Entering Into A New $400 Million Revolving Credit Facility Concurrently With Completion Of Arrangement

* Existing Shares To Be Consolidated And Exchanged; Existing Holders Of Co's Shares To Hold Approximately 2.3 Million New Shares Of Co

* Company's 9.875% Second Lien Secured Notes Due June 15, 2019 Will Be Converted Or Exchanged Into About 95 Million Shares

* Existing Holders Of Co's Common Shares To Also Hold A Total Of About 7.8 Million Series 2 Warrants To Purchase New Common Shares Source text for Eikon: Further company coverage: