Great Panther Mining Limited (OTCPK: GPLDK) has entered voluntary bankruptcy as per the Bankruptcy and Insolvency Act in Canada, following the termination of its Companies' Creditors Arrangement Act proceedings by the British Columbia Supreme Court. Alvarez & Marsal Canada Inc. has been appointed as the licensed insolvency trustee. The bankruptcy does not affect its subsidiaries, including the Brazilian Mina Tucano Ltda., which is undergoing judicial reorganization. Funding for Peruvian subsidiaries has ceased, affecting operations.
Great Panther Mining Limited (OTCPK: GPLDK) announced a general cease trade order (CTO) issued by the British Columbia Securities Commission due to its failure to file Q3 financial results by the November 14, 2022 deadline. The CTO, effective from November 18, 2022, restricts trading in the company's securities within certain Canadian jurisdictions. The company has cited financial and operational constraints and noted that it will not continue public market disclosures while under Companies' Creditors Arrangement Act (CCAA) proceedings. Stakeholders are advised to stay updated through filings related to the CCAA.
Great Panther Mining Limited (OTCPK: GPLDK) has entered a Share Purchase Agreement with Newrange Gold Corp. to sell its subsidiaries, including those holding the Coricancha Mine in Peru, for US$750,000. The Coricancha Mine, located in the Andes, has been under care since June 2017. The transaction requires approval from the Supreme Court of British Columbia and the TSX Venture Exchange. This sale marks a strategic move amidst the company's restructuring efforts.