Orea Mining Assigned Into Bankruptcy; Trustee Appointed
Orea Mining Corp. has been assigned into bankruptcy, leading to its permanent delisting from major stock exchanges. Crowe MacKay & Company has been appointed as the Licensed Insolvency Trustee of Orea's bankrupt estate. The Trustee is conducting a Sale and Investment Solicitation Process for Orea's shares in Panamanian subsidiaries holding a 44.99% interest in a joint-venture gold project in French Guiana. Potential buyers are advised to conduct their own due diligence as there are no guarantees or assurances regarding the purchase of the shares.
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Orea Mining Corp. has been permanently delisted from trading on major stock exchanges, indicating financial distress and insolvency. The appointment of a Licensed Insolvency Trustee suggests significant business challenges and potential liquidation of assets. The uncertain outcomes of the Sale and Investment Solicitation Process may result in loss of investment for shareholders.
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Orea Mining Corp., has been permanently delisted from trading on the Toronto Stock Exchange and the OTCQB; transfer agent, clearing, CDS and DTC services are inactive or have terminated. Orea was assigned into bankruptcy on April 17, 2024. Crowe MacKay & Company Ltd., has been appointed as Licensed Insolvency Trustee (the "Trustee") of Orea's bankrupt estate, and affirmed by Orea's creditors at a meeting held on May 7, 2024.
The Trustee is conducting a Sale and Investment Solicitation Process, on an "as is, where is" basis, of Orea's
There are no representations, warranties, or guarantees that are or will be made or implied by the Trustee or any other parties with respect to the Shares or the Minority Interest. It is uncertain what, if anything, a purchase of the Shares, and by extension of the Minority Interest, will achieve, beyond possibly obtaining access to certain documents, data, and records. Documents, data and records purchased with respect to the Shares and Minority Interest may be incomplete or inaccurate, therefore any potential purchaser of the Shares is directed to conduct its own research and due diligence. There is no assurance that a purchase of the Shares will close.
The deadline to submit bids to the Trustee is June 6, 2024, at 5:00pm PST.
Parties that require further information in order to assess this opportunity, can contact Mr. Tetsu Takagaki by email at tetsu.takagaki@crowemackay.ca.
Tetsu Takagaki
Crowe Mackay & Company Ltd.
in its capacity as Licenced Insolvency Trustee
of Orea Mining Corp. and not in its personal capacity.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208334
FAQ
What happened to Orea Mining Corp.?
Orea Mining Corp. has been assigned into bankruptcy, leading to its permanent delisting from the Toronto Stock Exchange and the OTCQB.
Who has been appointed as the Licensed Insolvency Trustee?
Crowe MacKay & Company has been appointed as the Licensed Insolvency Trustee of Orea's bankrupt estate.
What is the Sale and Investment Solicitation Process for?
The Sale and Investment Solicitation Process is for Orea's shares in its Panamanian subsidiaries holding a 44.99% interest in a joint-venture gold project in French Guiana.
What should potential buyers be aware of before purchasing Orea's shares?
Potential buyers are advised to conduct their own research and due diligence as there are no guarantees or assurances regarding the purchase of the shares.
