Welcome to our dedicated page for CANXGOLD MNG news (Ticker: GDMRF), a resource for investors and traders seeking the latest updates and insights on CANXGOLD MNG stock.
Golden Dawn Minerals Inc. (TSXV:CXG)(OTC PINK:GDMRF)(FRANKFURT:3G8B), known as Canxgold Mining Corp., is facing challenges due to an enforcement action by its senior secured creditor, RIVI Opportunity Fund LP. The British Columbia Supreme Court granted an order against the company and its subsidiaries, resulting in a judgment of USD$4,470,913.54 as of March 31, 2023. Despite efforts to reach an agreement with RIVI, business operations have been suspended pending further direction from the board of directors. The company's management and board members have resigned in light of recent developments.
CanXGold Mining Corp (TSXV:CXG, OTC PINK:GDMRF) announced on April 17, 2023, that its senior secured creditor, RIVI Opportunity Fund LP, has initiated a court action to enforce its debt claims, which includes seeking the appointment of a receiver for the Company's assets.
Despite complying with prior settlement terms and making over CAD$2 million in debt servicing and maintenance costs, RIVI has breached agreements by failing to document these terms formally. This led CanXGold to suspend further expenses related to asset maintenance.
The Company expressed disappointment with RIVI's actions and is preparing a final settlement proposal. If rejected, CanXGold intends to mount a strong legal defense to protect shareholder interests.
CanXGold Mining Corp (TSXV:CXG, OTC PINK:GDMRF) announced a non-brokered private placement of up to 30,000,000 units at $0.015 per unit, aiming to raise $450,000 in gross proceeds. Each unit consists of one common share and a full share purchase warrant, exercisable at $0.05 for five years. Proceeds will support general working capital, including fees for transfer agents, audits, and regulations. This offering, and any finder's fees, are subject to TSX Venture Exchange approval. The securities issued will have a hold period of four months and one day post-closing.
CanXGold Mining Corp. (OTC Pink: GDMRF) has successfully closed a non-brokered private placement, raising $320,000 by issuing 4,000,000 flow-through shares at $0.08 each. Each unit consists of a common share and a purchase warrant, allowing shareholders to buy additional shares at $0.10 over the next 60 months. This funding will support drilling at the Phoenix property. The securities are subject to a hold period expiring March 5, 2023, pending final TSX-V approval.
CanXGold Mining Corp. (OTC PINK: GDMRF) has announced a significant impasse with its senior secured creditor, RIVI Opportunity Fund LP, regarding a debt restructuring agreement initially communicated on December 27, 2021. Consequently, the company will halt all expenditures related to its properties and permits. Additionally, there have been immediate resignations from key management positions, including Dr. Mathew Ball as President and Nicolette Keith as CFO, raising concerns about leadership stability during this critical time.
CanXGold Mining Corp. (OTC PINK:GDMRF) has begun drilling its third hole at the Phoenix Property, part of the Greenwood Precious Metals project in southeastern BC. This drilling targets a significant conductive anomaly identified in a 2022 geophysical survey, located 2 kilometers west of the historic Phoenix open pit mine. The hole is expected to reach a minimum depth of 250 meters, aiming to explore a 1.4 x 0.9 kilometer anomaly.
Technical oversight is provided by Dr. Mathew Ball, a Qualified Person under National Instrument 43-101.
CanXGold Mining Corp. has completed its first drill hole at the Phoenix Property in southeastern British Columbia, targeting a 1 km diameter conductivity anomaly discovered in a 2022 airborne survey. The hole reached 337 meters, penetrating significant geological formations including the Mesozoic Bonanza Group and Paleozoic Knob Hill Complex. The site revealed disseminated pyrite and a notable deformation zone marking the Snowshoe Fault. The next drilling will target a second anomaly identified nearby. The company emphasizes that further verification of historical data is needed.
FAQ
What is the market cap of CANXGOLD MNG (GDMRF)?
What challenges is Canxgold Mining Corp. facing?
What is the impact of the court order on Canxgold Mining Corp.?
Why have the board members and management resigned from Canxgold Mining Corp.?
Are there any ongoing operations at Canxgold Mining Corp.?
How can I get more information about Canxgold Mining Corp.?
