TIDMPUR
RNS Number : 8192E
Pure Gold Mining Inc.
01 November 2022
NEWS RELEASE 22-27 November 1, 2022
PureGold Obtains CCAA Protection
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER, B.C. - Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) ("
PureGold " or the " Company ") announces that it has obtained an
Initial Order for creditor protection (the "Initial Order") from
the Supreme Court of British Columbia (the "Court") under the
Companies' Creditors Arrangement Act (the "CCAA"). KSV
Restructuring Inc. was appointed as the monitor (the
"Monitor").
The decision to commence CCAA proceedings was made after careful
consideration of PureGold's cash position, scheduled debt payments,
forecast revenue and expenses and all available alternatives to an
application for creditor protection. The CCAA proceedings are
intended to facilitate a restructuring of the Company's balance
sheet, the injection of additional capital, a sale of the company
or its assets, or any combination thereof.
Among other things, the Initial Order authorizes PureGold to
borrow 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. The Company expects the PureGold Mine will remain in care
and maintenance. Management of PureGold is expected to remain
responsible for the day-to-day operations, under the general
oversight of the Monitor.
The Monitor has set up a website at:
https://www.ksvadvisory.com/experience/case/pure-gold- , where
updates on the restructuring process, the Monitor's reports to the
Court, Court orders and other information will be posted as soon as
they are available.
About Pure Gold Mining Inc.
PureGold is a Canadian gold mining company, located in Red Lake,
Ontario, Canada. The Company owns and operates the PureGold Mine,
which began gold production in 2021 after the successful
construction of an 800 tpd underground mine and processing
facility. The PureGold Mine is centered on a forty-seven square
kilometre property with significant discovery potential.
Additional information about the Company and its activities may
be found on the Company's website at www.puregoldmining.ca and
under the Company's profile at www.sedar.com
ON BEHALF OF THE BOARD
"Mark O'Dea"
Mark O'Dea, President & CEO
Investor inquiries:
Adrian O'Brien, Director, Marketing and Communications
Tel: 604-809-6890
aobrien@puregoldmining.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
PureGold within the meaning of applicable securities laws,
including, but not limited to statements relating to the expected
outcome, timing and completion of the CCAA proceedings; risks
related to the CCAA proceedings and the impact of the same on
PureGold's operations; expectations that the PureGold Mine will
remain on care and maintenance throughout the CCAA proceedings; the
timing of posting updates, material and/or information on the
restructuring process; and expectations management will remain
responsible for the day-to-day operations, under the general
oversight of the Monitor. Forward-looking information is often, but
not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "planned", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the
statements are made including, among others, assumptions about
future prices of gold and other metal prices, currency exchange
rates and interest rates, favourable operating conditions,
political stability, obtaining governmental approvals and financing
on time, obtaining renewals for existing licences and permits and
obtaining required licences and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of PureGold and
there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to the CCAA
proceedings and the impact of the same on the Company's operations;
securing financing or undertaking a restructuring transaction and
the timing thereof; current economic conditions; future prices of
commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration and development activities generally; delays in
permitting; possible claims against the Company; the timing of
future economic studies; labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals,
financing or in the completion of exploration as well as those
factors discussed in the Annual Information Form of the Company
dated March 30, 2022 in the section entitled "Risk Factors", under
PureGold's SEDAR profile at www.sedar.com .
Although PureGold has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. PureGold disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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END
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November 01, 2022 03:00 ET (07:00 GMT)
Pure Gold Mining (LSE:PUR)
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부터 5월(5) 2024 으로 6월(6) 2024
Pure Gold Mining (LSE:PUR)
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부터 6월(6) 2023 으로 6월(6) 2024