On January 14, 2022, Deloitte Restructuring Inc. ("Deloitte") was appointed by the Supreme Court of British Columbia as receiver (the "Receiver") in respect of all assets and property of Otso Gold Corp.
MARKETING AND SALE PROCESSThe Receiver is seeking letters of intent ("LOI") for OGC's 49% joint venture interest in copper property comprising nineteen mineral claim licenses located in the Atlin Mining Division of northwestern British Columbia.
A copy of the Request for Letters of Intent and related documents can be found below under "Marketing and Sale Process"
LOI's must be submitted to the Receiver by mail, personally delivered, or sent by courier or email to the following contact information by 5:00 p.m. (MDT) on Friday, March 25, 2022.
Deloitte Restructuring Inc.Attention: Naomi McGregor700, 850 – 2 Street SWCalgary, Alberta T2P 0R8Email: firstname.lastname@example.orgPhone: 403-503-1423
SHAREHOLDER NOTICEEffective December 3, 2021, trading of Otso Gold Corp. shares on the TSX Venture Exchange ("TSXV") under the symbol "TSXV:OTSO" was halted. At this time, the Receiver does not anticipate trading of OGC's shares to recommence.
Shareholders may be entitled to a distribution through the receivership proceedings in the event there are funds remaining in the receivership estate after all secured and unsecured creditors of OGC are paid in full. Additional information with respect to stakeholder recoveries will be made available on the Receiver's website as they become available.
FOREIGN PROCEEDINGSOGC's subsidiary companies located in Sweden and Finland have filed restructuring proceedings in their respect jurisdictions. Additional information and related documents can be found below under "Foreign Proceedings".
Swedish ProceedingsOn December 7, 2021, in the District Court of Soderton in case no. A-20470-21 (the "Swedish Proceeding"), Otso Gold AB obtained an order staying all proceedings against it until March 7, 2022 subject to further extension. On March 7, 2022 the stay was extended to June 7, 2022.
Finnish ProceedingsOn December 7, 2021, in the District Court of Oulu in the proceeding no.2296579-4 (the "Finnish Proceeding"), Otso Gold OY ("OGOY") obtained an order staying all proceedings against it until December 31, 2021. On December 30, 2021 the stay was extended to February 15, 2022.
On February 17, 2022, the District Court of Oulu approved the commencement of the corporate restructuring proceedings of OGOY under the Finnish Restructuring of Enterprises Act and attorney Pekka Jaatinen of Castrén & Snellman was appointed administrator (the "Administrator").
For further information, please contact Naomi McGregor at 403-503-1423 or email@example.com
Jun 15, 2022