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5/28/15
Sans Teeth, Sans Eyes, Sans Taste, Sans Offers, Sans Anything, Sans Gold (SGR.v)
WINNIPEG, May 28, 2015 /CNW/ - San Gold Corporation (TSX-V: SGR) ("San Gold" or the "Company") announced today it did not receive any third party final bids by the deadline for the Company's previously announced Sale and Investor Solicitation Process pursuant to the Bankruptcy and Insolvency Act (Canada) (the "BIA").As a result, it is expected that the Company's secured lenders will seek court approval for a transaction by which the assets of the Company will be acquired by a nominee of the Company's principal secured lenders in exchange for its secured debt. In such event, the Company will have no ability to make a viable proposal to its creditors and will become bankrupt upon the expiry of the court-ordered Stay Period.
WINNIPEG, April 15, 2015 /PRNewswire/ - San Gold Corporation (TSX-V: SGR) ("San Gold" or the "Company") announces it has expanded the scope of the temporary operational changes initiated at its Rice Lake mine in March, including the suspension of all mining operations. The changes are being implemented to conserve cash and reduce the potential for additional short-term financing as the Company completes its Sales and Investor Solicitation Process (SISP). These changes are being made as a result of continued weakness in gold prices and the lack of availability of new financing.
The Company is continuing to mill previously mined ore and will subsequently begin the process of recovering available in-process gold inventory. Gold obtained from this process will be used to finance the costs related to maintaining the Company's Rice Lake assets as it completes the ongoing Sales and Investor Solicitation Process.
U.S. gold miner Allied Nevada files for bankruptcy
VANCOUVER, March 10 (Reuters) - U.S.-based gold miner Allied Nevada Gold Corp filed for bankruptcy protection on Tuesday, buckling under a heavy debt load amid weaker metal prices.
Allied Nevada, which owns the Hycroft open pit gold and silver mine in Nevada, said in a statement it was filing to restructure its debt, which stood at $543 million at the end of September.
Under the proposed restructuring, the company's creditors and vendors are expected to be paid in full, the company said.
Although the Hycroft mine is expected to continue operating during the restructuring, RBC Capital Markets analyst Sam Crittenden said he did not "expect much, if any, residual value for shareholders after the process given the large debt load and limited free cashflow at spot metal prices."
Allied Nevada's biggest shareholder is Van Eck Associates, with a stake of 5.65 percent at the end of December, according to Thomson Reuters data. The California Public Employees' Retirement System owns 2.3 percent of the company and Paulson & Co Inc. 1.2 percent.
Gold and silver prices are down around 31 percent and 48 percent respectively in the past two years. A number of analysts began raising concerns last year about Allied Nevada's weak cash position, large debt load and short mine life.
Allied Nevada said secured lenders and noteholders owning or controlling more than 67 percent of its notes have committed to supporting the restructuring. It has also agreed to a $78 million secured credit facility that will be used to keep Hycroft operating.
Shares in the company, which as of Monday's close had a market value of $108 million, were suspended from trading on the Toronto Stock Exchange and New York Stock Exchange on Tuesday morning. (Reporting by Nicole Mordant in Vancouver; Editing by Alan Crosby)
Well not really but change Nonis to Gibson and switch a few names and circumstances around and there you have it....
"and who is the loan shark??????????????.....jb asset manager lp.............and who are they??............google them......you could log into anonymous and get as much information"
What i could find from this website http://beechwoodbermuda.com/
CAPITAL AND STRUCTURE
CAPITAL POSITION
As of December 31, 2013, Beechwood Bermuda had in excess of USD$75 million of capital and surplus.
Additionally, the partners have made commitments to invest up to USD$500 million of additional capital.
The management team is heavily financially invested and the other funding partners all consider BBIL to be a strategic long-term portfolio company.
COMPANY STRUCTURE
Beechwood Bermuda International Ltd., and its sister company Beechwood Re, Ltd., of Cayman (capital surplus in excess of $100 million), are managed by B Asset Manager, LP, a New York based investment manager and affiliate of Beechwood. B Asset provides strategic direction, capital markets expertise and general company support.
WINNIPEG, MANITOBA--(Marketwired - Dec. 31, 2014) -
NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") announced today that it has obtained a secured loan in the amount of US$900,000 from a fund managed by B Asset Manager LP (the "Lender"). This loan represents the second tranche of a two-part financing previously announced on December 17, 2014.
The loan is evidenced by a secured demand promissory note (the "Note") issued to the Lender by San Gold. The Note is secured by a debenture granted to the Lender over all of the assets of San Gold. The Note bears interest in the amount of 14% per annum and interest is payable monthly, in advance. The Note is repayable on demand or in certain other circumstances at the option of the Lender. The Note is not convertible into other securities of San Gold.
The net proceeds from the sale of the Note will be used by San Gold to fund its operations.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. San Gold is listed on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties.
San Gold Corporation
Greg Gibson
Chief Executive Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
San Gold Corporation
Mandeep Rai
Chief Financial Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca