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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 AND 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 28, 1997
BRUSH CREEK MINING AND DEVELOPMENT CO., INC.
(Exact name of registrant as specified in its charter)
Nevada 0-12761 88-0180496
(State or other (Commission file number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
970 East Main Street, Suite 200, Grass Valley, CA 95945
(Address of principal executive officer)(Zip Code)
Registrant's telephone number, including area code
916-477-5961
Item 5 -- Other Events
Brush Creek Mining & Development Co., Inc. (the Company) entered into a
settlement agreement with the Royal Bank of Scotland (the Plaintiffs) on
December 13, 1995. Pursuant to the agreement, the Company was required to make
a final payment on December 13, 1996 of $600,000. The Company defaulted on the
payment. The Company has entered into a Forebearance Agreement with the
Plaintiffs requiring the Company to make a payment of $629,100 on or before
March 20, 1997 and a payment of $175,000 on or before July 1, 1997. The Company
has the option to postpone the second payment ($175,000) by delivering written
notice to Plaintiffs no later than June 25, 1997 whereupon the second payment
shall be paid no later than December 15, 1997 and the amount shall be increased
to $250,000. The Company must also reimburse the Plaintiffs for their attorney
fees and costs.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BRUSH CREEK MINING AND DEVELOPMENT CO., INC.
Dated: January 28, 1997
/s/ James S. Chapin
- -----------------------------------
Chief Executive Officer
