Banks Island Gold Ltd.

Banks Island Gold Ltd. was placed in court-appointed receivership on January 15, 2016 under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority, in proceedings before the Supreme Court of British Columbia. An unaudited statement of affairs of the debtor as at January 7, 2016 reported total assets of $11,655,000 against total liabilities of $15,623,000 at the entity level, comprising $9,462,000 owed to secured creditors and $6,161,000 to unsecured creditors in the aggregate. The Receiver did not audit, review or otherwise verify those figures and offered no comment on realizable value; the itemized creditor lists were not reproduced. The proceeding is closed.