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Midway Gold Stalking Horse Purchaser Named

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According to the U.S. Bankruptcy Court docket, Midway Gold filed a notice of designation of GRP Minerals as stalking horse purchaser. The notice states, “Debtors hereby designate Stalking Horse Purchaser as GRP Minerals, on the terms set forth in the Asset Purchase Agreement, the APA. Substantially all assets comprises of the following projects of the Debtors: the Pan Project, the Gold Rock Project, the Pinyon Project, the Eland Project, and the Golden Eagle Project. The Purchase Price is a combination of cash and assumed liabilities as follows: Cash in the amount of $5,250,000, less applicable cure amounts and transfer taxes, if any; Assumption of reclamation liability estimated to be approximately $16.1 million; and Assumption of certain other assumed liabilities.”

Court-filed documents continue, “The Stalking Horse Protections are Breakup Fee of 3% of $5,250,000; Expense Reimbursement of actual, documented and reasonable out of pocket expenses up to a maximum of $150,000; minimum bid increments.  The first overbid must (i) be in an amount equal to not less than the sum of (A) the current bid, plus (B) the Breakup Fee, plus (C) the Expense Reimbursement, and plus (D) the Minimum Bidding Increment of $100,000.”

Objections to the designation of GRP Minerals as stalking horse purchaser must be filed by May 1, 2016. Read more mining bankruptcy news.

The post Midway Gold Stalking Horse Purchaser Named appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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