Court backs Silver Lake's buy of Harte Gold
PERTH (miningweekly.com) – The Ontario Superior Court of Justice has approved ASX-listed Silver Lake Resources’ bid for TSX-listed gold miner Harte Gold Corp.
Silver Lake in November acquired credit facilities provided by BNP Paribas to Harte Gold Corp, comprising a $41.3-million non-revolving term facility and a $22-million revolving facility, each of which has been fully drawn, with outstanding interest of $2.32-million.
The company also offered to acquire Harte Gold for $74.5-million in credit bid consideration, reflecting the value owed to Silver Lake under the facilities, and the full amount of the debtor-in-possession loan.
The consideration also comprises applicable assumed liabilities which will be retained by Harte Gold, the satisfaction of finance facility obligations owed by Harte Gold to Appian Capital Advisory by way of the issue of Silver Lake shares at an estimated value of $28-million, and a cash consideration for the payment of certain priority claims and to complete Companies’ Creditors Arrangement Act proceedings as well as certain ancillary matters, estimated at no more than $3-million.
Silver Lake on Monday told shareholders that the acquisition of Harte Gold and its Sugar Zone mine, in Ontario, diversified the company’s production base and established a significant growth platform in a tier 1 mining jurisdiction, at an attractive entry point.
Silver Lake will initiate a strategic review covering operations, exploration and growth potential at the Sugar Zone mine and the extensive regional land package on completion of the transaction.
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