Agoracom: Small Cap Investment - Gowest Amalgamated Resources - TSXV's Gowest Gold Says Creditor Seeks US$25.54 Mln At It Give Company Notice of Default

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Delineation, development and mining of its 100% owned Frankfield East gold deposit, in the prolific Timmins, Ontario gold camp

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

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Sincerely,

George et al

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TSXV's Gowest Gold Says Creditor Seeks US$25.54 Mln At It Give Company Notice of Default

posted on Aug 09, 2019 01:46PM

2019-08-09 12:50:34 PM ET (MT Newswires)

12:50 PM EDT, 08/09/2019 (MT Newswires) -- Gowest Gold (GWA.V) on Friday said PGB Timmins Holdings, a unit of Pandion Mine Finance, gave it a Notice of Default and Termination on its Pre-Paid Forward Gold Purchase Agreement with the miner and is demanding US$25.54 million early termination fee.

It told the company it intends to seek redress through a Notice of Intention to Enforce Security pursuant to section 244 of the Bankruptcy and Insolvency Act (Canada).

Gowest said PGB has funded only US$5.6 million of US$17.6 million originally contracted for and said "PGB and Pandion have failed to act in a reasonable manner in this regard and have contributed significantly to the delay in Gowest's ability to advance the development of its Bradshaw project, including its ability to complete its proposed bulk sample,"

The company said intends to respond to PGB in due course, but "expressly disagrees" with the Notice of Default and the attempt to enforce the payment though the Bankruptcy Act.

Gowest shares were halted prior to market open. They will resume trading at 11:00 a.m. Eastern time. The shares closed Thursday at $0.375

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