May 19, 2009 / 12:50 PM / in 9 years

UPDATE 1-High River continues to seek financing

* Still in breach of loan agreements

* Says no assurances it will secure additional financing

* $15.5 mln in principal and interest due May-June

TORONTO, May 19 (Reuters) - High River Gold Mines HRG.TO said on Tuesday that it was still looking at ways to obtain additional financing needed to meet its financial obligations, but there was no assurance that it could do so.

The Canadian mining company said it remained in breach of certain financial covenants under its loan agreements with Royal Gold Inc RGLD.O and Severstal CHMF.MM. The two companies have not taken any actions thus far, but have reserved their rights to do so, High River said in a statement.

Total scheduled principal and interest debt repayments due in May and June amount to about $15.5 million, the company said, with about $22 million additional repayments due in the second half of 2009.

High River, which has operations in Russia and West Africa, said its consolidated cash totaled about $7.4 million as of May 11. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below