Discussions are continuing between First Toronto Mining (TSE) and its principal banker concerning a restructuring of the company’s outstanding debt. First Toronto’s main subsidiary, Walhalla Mining, has entered into an agreement of reconstruction with its bank in Australia and is unable to continue providing financial support to First Toronto.
Pending completion of discussions with its bank, First Toronto says it is unable to deliver its audited financial statements for the year ended Dec. 31, 1989, to shareholders.
The company says it will require at least two months to prepare and disseminate the financial statement assuming the current debt restructuring proposal is accepted.
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