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Silver Bear extends maturity of C$18M notes until March 2017-end

Silver Bear Resources Inc. said Dec. 28 that its major shareholders A.B. Aterra Resources Ltd. and Inflection Management Corp. Ltd. agreed to extend the maturity of their convertible notes to March 31, 2017, from Dec. 31, 2016.

The extension will give the company additional time to finalize a restructuring of the outstanding notes held by both the shareholders, as well as to negotiate terms for a new financing process.

Aterra holds notes with a principal amount of C$4.5 million while Inflection holds C$13.5 million. The notes were initially issued in December 2015 and are convertible into common shares at 4.5 Canadian cents each.

An updated feasibility study for the company's Vertikalny deposit at its preproduction-stage Mangazeisky silver property in the Republic of Sakha, Russia, defined a posttax net present value of US$123.1 million, using a 5% discount rate, with an internal rate of return of 81.9%.