Executive Officers = Grant Thornton Limited has been appoint 21898923.2
Form 51–102F3
MATERIAL CHANGE REPORT
Item 1. Name and Address of Company
Andover Mining Corp.
Suite 890 – 999 West Hastings Street
Vancouver, BC V6C 2W2
Item 2. Date of Material Change
February 12, 2014.
Item 3. News Release
News Release dated February 13, 2014 was disseminated via Stockwatch and
Market News and filed on SEDAR on February 13, 2014.
Item 4. Summary of Material Change
Andover Mining Corp. was deemed bankrupt on February 12, 2014.
Item 5. Full Description of Material Change
5.1 Full Description of Material Change
Andover Mining Corp., (the “Company”) last year announced that it had filed a
Notice of Intention to make a proposal (the “NOI”) for its reorganization under the Bankruptcy
and Insolvency Act (Canada) (the “BIA”), was deemed bankrupt on February 12, 2014 (the
“Bankruptcy”). Further details on the Bankruptcy are set forth below.
Bankruptcy
The Company filed the NOI with the Office of the Superintendent of Bankruptcy
(Canada) in accordance with the BIA on August 22, 2013. After a number of extensions granted
by the Supreme Court of British Columbia, the Company filed a proposal with its creditors on
January 22, 2014 (the “Proposal”). Abakhan & Associates Inc. (“AAI”) was named as trustee in
the Proposal.
On February 12, 2014, the Proposal failed because it did not receive requisite
creditor approval. As a result, the Company was deemed bankrupt and the Company’s assets
will be liquidated in accordance with the BIA. Grant Thornton Limited was concurrently
substituted for AAI as trustee in the Bankruptcy (the “Trustee”).
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5.2 Disclosure for Restructuring Transactions
Not applicable.
Item 6. Reliance on subsection 7.1(2) of National Instrument 51–102
Not applicable.
Item 7. Omitted Information
None.
Item 8. Executive Officers
Not applicable.
As noted above, Grant Thornton Limited has been appointed as Trustee. For
further information on the Bankruptcy visit: https://www.andovermining.com.
Item 9. Date of Report
DATED at Vancouver, British Columbia, this 20th day of February, 2014.