Acasta Enterprises Inc issued the following announcement on March 1.

On February 6, 2018, Acasta Enterprises Inc. (TSX: AEF) (“Acasta” or the “Company”) announced it entered into a non-binding term sheet (the “Term Sheet”) with Martello Finance Company Limited to sell Stellwagen Group Limited (“Stellwagen”) and an amending agreement (the “Amending Agreement”) to its U.S. $150 million credit facility (the “Credit Facility”). The Amending Agreement required that Acasta repay U.S.$25 million to the lenders under the Credit Facility by no later than March 1, 2018, the funding of which was to be derived from the sale of Stellwagen or certain of its assets.

The Company announced today that the parties to the Term Sheet have been working cooperatively and intensively since the signing of the Term Sheet and the definitive documents are in the process of being finalized. To facilitate entering into definitive agreements with respect to the sale of Stellwagen, Acasta has entered into an extension agreement with the lenders under the Credit Facility to extend the deadline for payment of U.S.$25 million that was due today until March 7, 2018.

As previously disclosed, the Board of Directors of Acasta has appointed a special committee of independent directors (the “Independent Committee”) to, among other things, oversee the potential sale of Stellwagen and consider other alternatives to maximize value for the Company’s shareholders. The Independent Committee has retained the services of Blair Franklin Capital Partners Inc. to provide independent financial advice and has engaged Osler, Hoskin & Harcourt LLP as independent legal advisor to the Independent Committee.

Original source can be found here.