Elevation Gold Mining Corporation Provides Important Update on CCAA Progress and New Asset Sale Agreement
Elevation Gold Mining Corporation, trading on the TSX Venture Exchange under the symbol ELVT.H, has made significant strides in its restructuring efforts under the Companies' Creditors Arrangement Act (CCAA). This CCAA process, initiated on August 1, 2024, is designed to help companies meet their obligations and emerge stronger. Recently, the Supreme Court of British Columbia provided an Initial Order, granting protection to Elevation Gold and associated companies, including Eclipse Gold Mining Corporation and Golden Vertex Corp., along with their Idaho branch. KSV Restructuring Inc. has been appointed as the monitor for this process.
In a recent development on December 2, 2024, Elevation Gold entered into a purchase and sale agreement (APS) with an arm's length purchaser named EG Acquisition LLC. This agreement pertains to the sale of specific assets, including the outstanding common shares of Golden Vertex Corp., which owns the Moss Mine in Arizona. The transaction marks a crucial step in Elevation Gold's ongoing efforts to streamline operations and enhance its financial position.
This asset sale is pending approval from the BC Court during a scheduled hearing on December 17, 2024. This approval is critical for executing the transaction, and Elevation Gold plans to seek orders from both the Canadian and U.S. courts to ensure the agreement is recognized across borders. The sale is also subject to the approval of the TSX Venture Exchange, confirming adherence to necessary regulations and procedures.
As Elevation Gold navigates through this complex legal and financial landscape, it remains committed to transparency. The company will provide updates regarding the proceedings through the designated case website monitored by KSV Restructuring Inc.
Elevation Gold is not just focusing on revitalizing its assets, but aims to solidify its position in the mining sector while navigating the challenges posed by current market conditions. The Moss Mine, which is 100% owned by Elevation Gold, represents a central piece of the Company’s operational strategy moving forward.
It is essential to note that the statements made here involve forward-looking information, which are inherently subject to various risks and uncertainties including, but not limited to, the approval processes from courts and regulatory bodies and potential obstacles that may arise during the transaction execution. Elevation Gold encourages stakeholders to approach this information with an understanding of these risks.
As the sector recovers and restructures, Elevation Gold's proactive measures reflect its commitment to future growth and sustainability. Management remains optimistic regarding upcoming decisions from the court and is determined to see the Company through this transitional period successfully. Stakeholders and interested parties are advised to keep an eye on further communications from Elevation Gold as the situation evolves, ensuring they remain informed about the Company's trajectory and strategic decisions in the coming months.
In a recent development on December 2, 2024, Elevation Gold entered into a purchase and sale agreement (APS) with an arm's length purchaser named EG Acquisition LLC. This agreement pertains to the sale of specific assets, including the outstanding common shares of Golden Vertex Corp., which owns the Moss Mine in Arizona. The transaction marks a crucial step in Elevation Gold's ongoing efforts to streamline operations and enhance its financial position.
This asset sale is pending approval from the BC Court during a scheduled hearing on December 17, 2024. This approval is critical for executing the transaction, and Elevation Gold plans to seek orders from both the Canadian and U.S. courts to ensure the agreement is recognized across borders. The sale is also subject to the approval of the TSX Venture Exchange, confirming adherence to necessary regulations and procedures.
As Elevation Gold navigates through this complex legal and financial landscape, it remains committed to transparency. The company will provide updates regarding the proceedings through the designated case website monitored by KSV Restructuring Inc.
Elevation Gold is not just focusing on revitalizing its assets, but aims to solidify its position in the mining sector while navigating the challenges posed by current market conditions. The Moss Mine, which is 100% owned by Elevation Gold, represents a central piece of the Company’s operational strategy moving forward.
It is essential to note that the statements made here involve forward-looking information, which are inherently subject to various risks and uncertainties including, but not limited to, the approval processes from courts and regulatory bodies and potential obstacles that may arise during the transaction execution. Elevation Gold encourages stakeholders to approach this information with an understanding of these risks.
As the sector recovers and restructures, Elevation Gold's proactive measures reflect its commitment to future growth and sustainability. Management remains optimistic regarding upcoming decisions from the court and is determined to see the Company through this transitional period successfully. Stakeholders and interested parties are advised to keep an eye on further communications from Elevation Gold as the situation evolves, ensuring they remain informed about the Company's trajectory and strategic decisions in the coming months.
Topics Financial Services & Investing）
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