Midway Gold receives court nod to sell assets to stalking horse bidder

By Sheri Kasprzak

New York, May 11 – Midway Gold US Inc. received court approval Wednesday to auction its assets, free and clear of liens, claims and encumbrances, to a stalking horse bidder GPR Minerals LLC after canceling its auction on May 4, said an order from the U.S. Bankruptcy Court for the District of Colorado.

GRP’s proposed purchase price includes $5.25 million in cash, the assumption of a reclamation debt estimated at $16.1 million and the assumption of other Midway liabilities.

Midway has previously reported that it did not receive any other offer by the bid deadline that qualifies as a higher and better bid than GRP’s bid.

Midway, based in Vancouver, B.C., is a development-stage company that acquires, explores and develops gold and silver mineral properties in North America. The company filed for bankruptcy on June 22, 2015 under Chapter 11 case number 15-16835.

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