Strike Minerals Inc.
Follow- Proceeding
- NOIBIA s. 50.4
- File
- 35-2193939
- Industry
- Mining · Gold, diamonds & precious metals
Strike Minerals Inc. filed a notice of intention to make a proposal under section 50.4 of the BIA on December 6, 2016, in the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) under court file no. 35-2193939, and the proceeding remains active. Its senior secured lender is Waterton Global Value, L.P., as assignee of Waterton Global Value (Luxembourg) S.A.R.L. under an assignment dated March 7, 2014, owed an estimated $3.9 million as at December 8, 2016 under a gold stream credit agreement dated February 21, 2012. Whelan Mining Contractors holds a construction lien judgment of $1,632,399.18 fixed by an October 21, 2014 order, $160,000 of which ranks ahead of Waterton's court-ordered charge; the $1,472,399.18 balance forms part of reported unsecured liabilities of $5,465,555.
The court granted an approval and vesting order for the sale to 2548304 Ontario Inc. Closing terms, as extracted: Vesting effective upon delivery of Proposal Trustee's Certificate confirming payment of Purchase Price, satisfaction of Closing conditions, and completion of the Transaction. Sealed: Confidential Appendix 1 to the Third Report.
Order approving Stalking Horse, etc., dated December 13, 2016 was filed.
Source: Order approving Stalking Horse, etc., dated December 13, 2016
Strike Minerals filed its notice of intention under BIA s. 50.4, commencing the proceeding in the Ontario Superior Court of Justice under court file 35-2193939.
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Undated filings1 — no date appears on the document · show
Debtor
Strike Minerals Inc.
Proposal trustee
A. Farber & Partners
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorStrike Minerals Inc. | Thornton Grout Finnigan LLP | 9 Feb 2017 | Application · 31 Jan 2017 |
| Creditor161229 Canada Inc. C. O. B. AS Paul Whelan Mining Contractors | Fasken Martineau DuMoulin LLP | 30 Mar 2017 | Service list · 30 Mar 2017 |
| CreditorRichmont Mines Inc | Cassels Brock & Blackwell LLP | 30 Mar 2017 | Service list · 30 Mar 2017 |
| CreditorRobb English | Aird & Berlis LLP | 30 Mar 2017 | Service list · 30 Mar 2017 |
| CreditorWaterton Global Value, L.P | Stikeman Elliott LLP | 30 Mar 2017 | Service list · 30 Mar 2017 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Waterton Global Value, L.P. (as assignee of Waterton Global Value (Luxembourg) S.A.R.L.) · in 2 casesas of date hereof (December 8, 2016) — Senior secured gold stream credit agreement dated February 21, 2012 (Waterton Loan Agreement); security interests in property and assets of the Company registered under PPSA (Ontario) and applicable land registries; first ranking security subject to court-ordered Whelan charge — Approximate/estimated outstanding balance ('estimated to be $3.9 million' also stated in Stalking Horse APA summary); quantum to be updated for bidders. Initially advanced by Waterton Global Value (Luxembourg) S.A.R.L.; assigned to Waterton Global Value, L.P. via Assignment of Loa | $3.9M | First Report of Proposal Trustee, December 8, 2016 |
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 more claims in 3 classes The stack holds Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale approved — the transaction contemplated under the Stalking Horse APA was approved and the Approval and Vesting Order was issued vesting the Purchased Assets in the PurchaserSupplement to the Third Report of Proposal Trustee, March 29, 2017 · 29 Mar 2017
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2548304 Ontario Inc.Stalking horsethe assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 6 Dec 2016 | Subscribers | Approved23 Mar 2017 | Approval and Vesting Order, dated March 23, 2017 |
4 engagements · 2 firms — latest: Aird & Berlis LLP, 1 Dec 2016 – 18 Jan 2017, soughtSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A. Farber & Partners Inc.Proposal trusteeperiod 2 of 2 | 1 Dec – 31 Dec 2016 | 7 people | Second Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017 | |||||||||||||||||||||||||||||||||||||
| A. Farber & Partners Inc.Proposal trusteeperiod 1 of 2 | 4 Jul – 30 Nov 2016 | 5 people | Second Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017 | |||||||||||||||||||||||||||||||||||||
| Aird & Berlis LLPCounselperiod 2 of 2 | 1 Dec 2016 – 18 Jan 2017Sought | 4 people | Second Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017 | |||||||||||||||||||||||||||||||||||||
4 people — Aird & Berlis LLP, 1 Dec 2016 – 18 Jan 2017 · 12 blurred figures
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| Aird & Berlis LLPCounselperiod 1 of 2 | 14 Jul – 30 Nov 2016Sought | — | 6 people | Second Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017 | ||||||||||||||||||||||||||||||||||||
6 people — Aird & Berlis LLP, 14 Jul – 30 Nov 2016 · 18 blurred figures
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81 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Service List
| PDF · Subscribers | |
Supplement to the Third Report of Proposal Trustee, March 29, 2017
| PDF · Subscribers | |
Approval and Vesting Order, dated March 23, 2017
| PDF · Subscribers | |
| Endorsement, dated March 23, 2017 | PDF · Subscribers | |
| Order approving extension of stay of proceedings to May 11, 2017 | PDF · Subscribers | |
| Motion Record, returnable March 23, 2017 | PDF · Subscribers | |
| Notice of Motion, returnable March 23, 2017 | PDF · Subscribers | |
Third Report of Proposal Trustee, March 10, 2017
| PDF · Subscribers | |
Order approving extension of stay of proceedings to March 27, 2017
| PDF · Subscribers | |
Second Report of Proposal Trustee, February 6, 2017
| PDF · Subscribers | |
Motion Record, returnable February 9, 2017
| PDF · Subscribers | |
| Endorsement, dated December 13, 2016 | PDF · Subscribers | |
Order approving Stalking Horse, etc., dated December 13, 2016
| PDF · Subscribers | |
First Report of Proposal Trustee, December 8, 2016
| PDF · Subscribers | |
Motion Record, returnable December 13, 2016
| PDF · Subscribers | |
| NOI Creditors Package | PDF · Subscribers | |
| Certificate of Filing of a Notice of Intention to Make a Proposal | PDF · Subscribers | |
| Service List (Word) | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Strike Minerals Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/strike-minerals-inc