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San Gold Files Notice of Intention to Make a Proposal to Its Creditors
San Gold Files Notice of Intention to Make a Proposal to Its Creditors.
About this update from San Gold Corporation
[{"type":"text","content":"\n\n\n\n\nMarketwire\n\n\n\n\nSan Gold Files Notice of Intention to Make a Proposal to Its Creditors\n\n\n\n\n\n\n\n\n\n WINNIPEG, MANITOBA--(Marketwired - Dec. 22, 2014) - \n NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.\n San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) (\"San Gold\" or the \"Company\") announced today that it has filed Notice of Intention (a \"NOI\") to Make a Proposal under Part III, Division I of the Bankruptcy and Insolvency Act (Canada) (the \"BIA\").\n The decision to file the NOI was made by the board of directors of San Gold after extensively exploring restructuring and refinancing alternatives following thorough consultation with its legal and financial advisors and its principal secured lender. \n A NOI is the first stage of a restructuring process under the BIA which permits San Gold to pursue a restructuring of its financial affairs through a formal proposal. The proposal process provides an opportunity for San Gold to restructure its operations and may allow creditors to receive some form of compensation for amounts owed to them by San Gold. The NOI grants San Gold up to an initial 30 days of protection from its creditors to enable San Gold to pursue the option of a proposal to its creditors through the proposal process. The period within which San Gold is required to file a proposal can be extended by court order.\n During the period of protection granted by the NOI, San Gold will be continuing normal operations at its Rice Lake Mine Complex. Management of San Gold does not believe that there will be significant changes to the operations of the Rice Lake Mine Complex due to the NOI filing.\n MNP Ltd. has been appointed as the proposal trustee in San Gold's proposal proceedings and in that capacity will monitor and assist San Gold in its restructuring efforts.\n About San Gold\n 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\".\n For further information on San Gold, please visit www.sangold.ca.\n Cautionary Note\n No stock exchange, securities commission or other regulatory authority has approved or disapproved the information con...