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Gold/Mining/Energy : Greenstone Resources GRE.T or GRERF OTC -- Ignore unavailable to you. Want to Upgrade?

To: Joe Gun who wrote (947)	8/13/1999 8:43:00 AM
From: Joe Gun	Read Replies (2) \| Respond to of 1005

Greenstone's bondholders elect to accelerate maturity of principal TORONTO, Aug. 13 /CNW/ - As reported in Greenstone Resources Ltd.'s news release dated July 30, 1999, its US$18.7 million revolving line of credit matured. This created an Event of Default under the Note Indentures dated February 27, 1997 and September 3, 1998, which entitled the bondholders to accelerate maturity of the principal of the Notes. Greenstone has been notified that the bondholders have elected to accelerate maturity of the Notes which results in Cdn$104 million and US$5.64 million of principal and accrued interest becoming due and payable immediately. The Company continues to be engaged in discussions with its bondholders and lenders and is confident that a resolution can be attained for the benefit of all stakeholders. The Company's two principal producing assets are the San Andres Mine in Honduras and the Cerro Mojon Mine in Nicaragua. Greenstone's shares trade on The Toronto Stock Exchange (GRE) and The Nasdaq Stock Market (GRERF).