General Moly provides update on liquidity matters
On September 26, 2019, the company entered into a 90-day deferral and forbearance agreement with the primary holder of the 2014 Senior Convertible Notes, along with certain of the company's members of management and directors who participated in the 2014 debt offering. As a result, the company will defer approximately $162,000 of interest payments due at the end of the third quarter 2019. The company continues to explore opportunities with such note holders to exchange the notes for assets and/or extensions to the December 26, 2019 maturity date. Additionally, on September 27, 2019, the company entered into a Consent Agreement with POS-M to accelerate the repayment of the balance of $1 million the Company advanced to EMLLC to fund the initial settlement payment to the Kobeh Valley ranching family to settle protests to the Mt. Hope water applications, as announced in the Company's May 14, 2019 news release. Prior to the Consent Agreement, the company had been repaid $293,000 from the sale of EMLLC non-critical assets, leaving a balance of $707,000. The remaining balance will now be paid over three monthly installments beginning in October 2019, with the third installment subject to receipt of $400,000 in additional sales of EMLLC non-critical assets.