All options on the table as Pure Gold Mining enters CCAA
The Vancouver-based gold miner announced Monday it has applied for an initial order for creditor protection from the Supreme Court of British Columbia under the Companies’ Creditors Arrangement Act .
The CCAA order the company seeks today will provide a stay to creditor claims and proceedings and allows Pure Gold to borrow money from its lending partner, Sprott Private Resource Lending, in order to maintain the operation. An early signal that Pure Gold’s “turnaround plan” wasn’t achieving the desired results was a July news release that a strategic review process was being launched that could involve a potential merger or sale of the mine. A surge of financing in May didn't seem to help.
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