Abcourt Mines Acquires Maudore’s Sleeping Giant Mine and Mill, Quebec
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Maudore Minerals Ltd. has concluded a purchase agreement for the sale to Abcourt Mines Inc. of the Sleeping Giant mine and its mill, together with the Harricana, Dormex, Discovery, Flordin, Cameron Shear and Laflamme exploration properties. Deloitte Restructuring Inc. acted solely as court-appointed receiver for the assets of Maudore’s 50.1 perecent owned subsidiary Aurbec Mines Inc.
The closing of this transaction is expected to occur by no later than April 30, 2016 and is subject to the satisfaction of a number of conditions, including the assignment of environmental permits and receipt of all necessary environmental approvals, the negotiation of a satisfactory collective agreement in respect of the workforce, and the approval of the Quebec Superior Court.
The net proceeds from this transaction will be remitted by Deloitte to FBC Holdings S. à r.l, the senior creditor of Aurbec, and applied to its outstanding debt. Maudore is not entitled to receive any of the proceeds from this transaction.
About Maudore Minerals Ltd.
Maudore Minerals Ltd. is a junior gold exploration company that holds 100% interest in the Comtois advanced-stage gold exploration project and ten grass-roots exploration projects located in the Northern Volcanic Zone of the Abitibi Greenstone Belt in Quebec.
Top stop by Maudore Minerals’ website, CLICK HERE
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