Elevation Gold Mining Corp V.ELVT.H

NEWS,

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Elevation Gold Obtains Initial Order for CCAA Protection

PR Newswire - 01 aot 2024 18 h 08 EDT

VANCOUVER, BC, Aug. 1, 2024 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQB: EVGDF) (the "Company" or "Elevation Gold") announces that further to its press release dated July 30 , 2024, it has obtained an order (the "Initial Order") of the Supreme Court of British Columbia (the "Canadian Court") granting it creditor protection under the Companies' Creditors Arrangement Act (the "CCAA"). There will be a Comeback Hearing scheduled for August 12, 2024.  Under the Initial Order, KSV Restructuring Inc. (the "Monitor") was appointed as the monitor of the Company. In order to obtain similar protection in the United States, a petition under chapter 15 of the US Bankruptcy Code will be filed with the US Bankruptcy Court for the District of Arizona. 

 

The decision to seek protection under the CCAA was made after careful consideration of Elevation Gold's cash position, scheduled and outstanding debt payments, forecast revenue and expenses and all available alternatives to an application for creditor protection, after comprehensive consultation with its financial and legal advisors, and on the recommendation of a special committee of independent directors.   While under creditor protection, Elevation Gold will consider all available transactional and restructuring options with a goal of maximizing value for the Company and its stakeholders.

The Company intends to continue the operation of the beneficiation facilities and proceed with an interim cessation of active mining from the open pit mining areas at the Moss Mine.  This will enable the Company to meet its cash needs during the restructuring proceedings so that it can continue its beneficiation activities and preserve its property. Management of Elevation Gold remains responsible for day-to-day operations, while the proceedings are advanced under the supervision of the Monitor. There have been no changes to the board or management.

The Monitor has set up a website at: www.ksvadvisory.com/experience/case/elevation-gold-mining-corporation-inc, where updates on the restructuring process, the Monitor's reports to the Court, Court orders and other information will be posted as soon as they are available.

ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION

"Tim J. Swendseid"

Tim J. Swendseid, CEO of Elevation Gold Mining Corporation