RE:Harte Gold came out of CCAA protection This is a better article on Harte Gold acquisition.
Silver Lake acquisition of Harte Gold. Final consideration for the acquisition of Harte Gold is US$102 million. In closing the acquisition, Silver Lake has also elected to close out Harte Gold’s out of the money hedge book for US$24.8 million. To capitalise on the prevailing gold price, Silver
Lake contemporaneously entered into a US$22 million gold pre-pay for 11,928
ounces to be delivered over the next 12 months.
The Sugar Zone mine is in an established mining province, within close proximity to
transport corridors, grid power, established mining services and suppliers. The
Sugar Zone mine commenced production in 2019 and is one of Ontario’s most recent
and highest grade gold mines. The most recent Mineral Reserve (dated 30 December
2020) is 797,000 ounces1 at 7.2 g/t.
The proceeds of the $102M to be distributed to the creditors listed in the CCAA document. If there is money left over, the court monitor may decide on the remainder of the distribution. In the Eaton's bankruptcy, the insolvency cartel took bonuses. Don't bet on LAWYERS to take care of the shareholders should there be some money left over.