Pure Gold Mining Inc (TSX-V:PGM, LSE:PUR, OTC:LRTNF) announced that the Supreme Court of British Columbia has granted a Sales and Investment Solicitation Process Order (SISP Order), among other relief, on application of the company in its proceedings under the Companies’ Creditors Arrangement Act (CCAA).
The gold miner said the SISP Order, among other things: approves a sales and investment solicitation process for all the assets, undertakings and property of the company, including the company’s mine project in Ontario and; approves of the engagement of National Bank Financial Inc as the company’s sales agent for the purposes of the SISP.
Pure Gold noted that in order to participate in the SISP and obtain access to a virtual data room and other information, interested parties must comply with the terms and conditions set forth in the SISP Order and other related documents, which are available on the website of KSV Restructuring Inc, the court-appointed CCAA monitor.
The company said in addition to the SISP Order, the court also granted orders:
- Extending the stay of proceedings granted under the CCAA until January 27, 2023;
- Authorizing the company to borrow additional funds under an interim financing credit facility from its lending partner, Sprott Private Resource Lending II (Collector), LP, in order to meet the company’s immediate cash needs for the continuation of its business activities and preservation of its property;
- Approving of a Key Employee Retention Plan, which provides for, among other things, payments to key company employees based on defined timelines and metrics connected to the SISP and CCAA process; and
- Restating and amending the Initial Order of the Court granted on October 31, 2022.
Pure Gold Mining is a Canadian gold mining company that owns and operates the PureGold Mine located in Red Lake, Ontario.
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