Canadian miner Harte Gold has announced a court approved the sale of the company’s assets to Australia’s Silver Lake Resources. This paves the way for Silver Lake’s acquisition of the Sugar Zone Mine in White River Ontario, Canada.
“Harte Gold announces today that, at the Approval Hearing held ear-lier today, the Court approved the Successful Bid and granted author-ity to consummate the transactions provided for therein. Closing of the transactions contemplated in the Successful Bid is anticipated to occur in mid-February 2022,” the Toronto-based business said in a statement.
The Australian miner said in its statement that the deal includes about USD$74.5 million “in credit bid consideration reflecting the value owed to Silver Lake,” some US$22 million of applicable liabilities, shares in Silver Lake, as well as cash consideration of US$3 million.