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Great Panther Mining gets extension of stay under CCAA proceedings
By Sarah Lizee
Olympia, Wash., Nov. 4 – Great Panther Mining Ltd. said the Supreme Court of British Columbia has granted an extension of the stay of proceedings under the Companies’ Creditors Arrangement Act (CCAA) and has approved the previously announced share purchase agreement between Great Panther and Newrange Gold Corp.
The company also announced a senior management change.
On Oct. 4, the court gave an initial order converting the company’s restructuring proceedings under the Bankruptcy and Insolvency Act to the more flexible restructuring proceedings under the CCAA.
Thursday’s order extends the stay of proceedings and other relief granted in the initial order through Dec. 16.
During the stay, the company will launch a sale investment and solicitation process (SISP).
Share purchase agreement
The company has agreed to sell Great Panther Peru Holdings Ltd. and Great Panther Silver Peru SAC, which together indirectly own 100% of the Coricancha Mine in Peru.
Newrange has agreed to acquire the subsidiaries for a total purchase price of $750,000, payable in cash.
Closing remains subject to some conditions.
Chief operating officer
Fernando Cornejo has resigned as chief operating officer of the company effective Oct. 31.
Cornejo joined Great Panther in July 2019 and became chief operating officer in July 2021.
Although mining activities have ceased at the Tucano Mine site, the processing plant continues to operate, processing existing stockpiles and spent ore. The local management team is leading these activities with the oversight of Sandra Daycock, president and chief executive officer of the company.
Great Panther, a Vancouver, B.C.-based gold and silver producer, owns a portfolio of assets in Brazil, Mexico and Peru.
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