Proceedings.

Strike Minerals Inc.

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Active
Proceeding
NOIBIA s. 50.4
Court
Ontario Superior Court of Justice
File
35-2193939
Filings held18
Last activity11 May 2017
On the record3,520 days
Secured debt$3.9M
OverviewSummary updated

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.

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Case updates17 dated entries · 1 undated
#Sale

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.

Source: Approval and Vesting Order, dated March 23, 2017

Undated filings1 — no date appears on the document · show
—
Filing

Service List (Word) — Application filed

PDF

Parties

Debtor

Strike Minerals Inc.

Proposal trustee

GlassRatner

Bench and counselPer the orders and service lists on the record

Counsel of record

PartyCounselFirst seenSource
DebtorStrike Minerals Inc.Thornton Grout Finnigan LLP9 Feb 2017Application · 9 Feb 2017
Creditor161229 Canada Inc. C. O. B. AS Paul Whelan Mining ContractorsFasken Martineau DuMoulin LLP30 Mar 2017Service list · 30 Mar 2017
CreditorRichmont Mines IncCassels Brock & Blackwell LLP30 Mar 2017Service list · 30 Mar 2017
CreditorRobb EnglishAird & Berlis LLP30 Mar 2017Service list · 30 Mar 2017
CreditorWaterton Global Value, L.PStikeman Elliott LLP30 Mar 2017Service list · 30 Mar 2017
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 2 named without a figure
#Priority classCreditorAmountSource
4SecuredWaterton 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$3.9MFirst Report of Proposal Trustee, December 8, 2016
4Secured161229 Canada Inc. o/a Paul Whelan Mining Contractors ("Whelan")Construction lien registered March 18, 2013 against Edwards under the Construction Lien Act (Ontario), Instrument No. AL115372; judgment lien — Judgment amount (inclusive of prejudgment interest and costs to date) per October Order; $160,000 of this ranks in priority to Waterton's charge, balance ($1,472,399.18) ranks subsequent to Waterton and is included in unsecured liabilities total. Original lien claim registered was $1,451,834. — debtor: Strike Minerals Inc. · as of 21 Oct 2014$1.63MFirst Report of Proposal Trustee, December 8, 2016
4SecuredWaterton Global Value (Luxembourg) S.A.R.L.Court-ordered Charge on the Property (subordinate to Whelan's $160,000 priority per October Order); first-ranking security otherwise — Charge amount per October Order (Justice Varpio); Waterton's charge ranks subsequent to Whelan Construction Lien only to the extent of $160,000, and has priority over the balance of the Lien. — debtor: Strike Minerals Inc. · as of 21 Oct 2014$160KFirst Report of Proposal Trustee, December 8, 2016
5PMSI / lessorsXerox Canada Ltd. · in 72 casesPPSA registration relating to office equipment financing — PPSA equipment financiers (PMSI class) - blanket registrant relating to specific office equipment; amount not stated — debtor: Strike Minerals Inc.—First Report of Proposal Trustee, December 8, 2016
5PMSI / lessorsBuck Island Bay Investments Inc.PPSA registration relating to leased air compressor — PPSA equipment financiers (PMSI class) - blanket registrant relating to specific leased equipment; amount not stated — debtor: Strike Minerals Inc.—First Report of Proposal Trustee, December 8, 2016
8UnsecuredUnsecured creditors (aggregate as reported) · in 532 casesas of date hereof (December 8, 2016) — Document names no individual unsecured creditors except Whelan (see separate entry); this aggregate figure includes the Whelan unsecured portion of $1,472,399.18. — debtor: Strike Minerals Inc.$5.47MFirst Report of Proposal Trustee, December 8, 2016
8Unsecured161229 Canada Inc. o/a Paul Whelan Mining Contractors ("Whelan") - unsecured portionBalance of $1,632,399.18 judgment after $160,000 priority portion; this balance found to rank subsequent in priority to Waterton and is included in the aggregate unsecured liabilities figure of $5,465,555. — debtor: Strike Minerals Inc. · as of 21 Oct 2014$1.47MFirst Report of Proposal Trustee, December 8, 2016

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

Sale processAs stated in the filings

Sale 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

Parties solicited

55

Second Report of Proposal Trustee, February 6, 2017

Bid deadline (round closed)

16 February 2017

Order approving Stalking Horse, etc., dated December…

Stalking horse

2548304 Ontario Inc.

Supplement to the Third Report of Proposal Trustee,…

PurchaserPriceStatusSource
2548304 Ontario Inc.Stalking horsethe assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 6 Dec 2016not statedPrice is sum of (A) obligations under Waterton Loan Agreement (est. $3.9 million), (B) Priority Payables (est. $748,000), plus (C) Cure Costs; satisfied by assumption of Waterton Loan Agreement liabilities and cash on closingApproved23 Mar 2017Approval and Vesting Order, dated March 23, 2017
AdvisorsA. Farber & Partners Inc. (sale agent); Phoenix (sale agent)Second Report of Proposal Trustee, February 6, 2017
Closing termsVesting effective upon delivery of Proposal Trustee's Certificate confirming payment of Purchase Price, satisfaction of Closing conditions, and completion of the TransactionApproval and Vesting Order, dated March 23, 2017
Sealed materialsConfidential Appendix 1 to the Third ReportApproval and Vesting Order, dated March 23, 2017
Fees and ratesAs stated in the filings

4 engagements · 2 firms — latest: Aird & Berlis LLP, 1 Dec 2016 – 18 Jan 2017, $21,374.00 soughtSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017

FirmPeriodHoursFeesRatesSource
A. Farber & Partners Inc.Proposal trusteeperiod 2 of 21 Dec – 31 Dec 201675.8$37,504.11incl. HST$155 – $5757 peopleSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017
7 people — A. Farber & Partners Inc., 1 Dec – 31 Dec 2016
NameTitleHoursRateFees
Allan Nackan—7.9$575$4,542.50
Paul Denton—21.4$525$11,235.00
P. Crawley—27.5$495$13,612.50
M. Litwack—1.9$375$712.50
L. Samoilov—3.4$165$561.00
A. Palmer—0.4$155$62.00
D. Falcione—13.3$155$2,061.50
Total—75.8—$32,787.00
A. Farber & Partners Inc.Proposal trusteeperiod 1 of 24 Jul – 30 Nov 2016100$47,946.00ex. tax$155 – $5755 peopleSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017
5 people — A. Farber & Partners Inc., 4 Jul – 30 Nov 2016
NameTitleHoursRateFees
Allan Nackan—22.3$575$12,822.50
Paul Denton—30.8$525$16,170.00
P. Crawley—43.2$425$18,360.00
M. Castillo—1$175$175.00
D. Falcione—2.7$155$418.50
Total—100—$47,946.00
Aird & Berlis LLPCounselperiod 2 of 21 Dec 2016 – 18 Jan 2017Sought38.9$21,374.00ex. tax$245 – $3954 peopleSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017
4 people — Aird & Berlis LLP, 1 Dec 2016 – 18 Jan 2017
NameTitleHoursRateFees
D. R. English—15.3$796.37stated average$12,184.50
Kyle B. Plunkett—22.4$395$8,848.00
Shannon Morris—0.5$340$170.00
Timothy S. Jones—0.7$245$171.50
Aird & Berlis LLPCounselperiod 1 of 214 Jul – 30 Nov 2016Sought—$34,866.26incl. HST$520.39stated averageSecond Report of Proposal Trustee, February 6, 2017 · 6 Feb 2017
6 people — Aird & Berlis LLP, 14 Jul – 30 Nov 2016
NameYear of callHoursRateFees
D. R. English198019.2$790stated average2016 average/hr$15,264.00
Kyle B. Plunkett201136.4$395stated average2016 average/hr$14,378.00
Matthew Liberatore20111.3$375stated average2016 average/hr$487.50
Shannon MorrisBanking Clerk0.5$340stated average2016 average/hr$170.00
Kari ConnellReal Estate Clerk1.3$295stated average2016 average/hr$383.50
Anita Purushotham—0.4$180stated average2016 average/hr$72.00

Top rate $796.37 · 6th percentile of counsel rates, 2017 · of 19

Documents
18 filings
DateDocumentFile
Order approving extension of stay of proceedings to May 11, 2017PDF
Service List
  • Counsel Thornton Grout Finnigan LLP
PDF
Supplement to the Third Report of Proposal Trustee, March 29, 2017
  • Purchaser 2548304 Ontario Inc. (stalking horse) · the Purchased Assets (as defined in the Stalking Horse APA) · asset sale · approved
  • Sale outcome Sale 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 Purchaser
  • Stalking horse Stalking horse 2548304 Ontario Inc.
PDF
Order approving extension of stay of proceedings to March 27, 2017PDF
Approval and Vesting Order, dated March 23, 2017
  • Closing terms Vesting effective upon delivery of Proposal Trustee's Certificate confirming payment of Purchase Price, satisfaction of Closing conditions, and completion of the Transaction
  • Order date 23 March 2017
  • Purchaser 2548304 Ontario Inc. · the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · approved
  • Sale outcome Sale approved — the Transaction is hereby approved
  • + 1 more extracted fact
PDF
Endorsement, dated March 23, 2017PDF
Motion Record, returnable March 23, 2017PDF
Notice of Motion, returnable March 23, 2017PDF
Third Report of Proposal Trustee, March 10, 2017
  • Stalking horse Stalking horse
PDF
Motion Record, returnable February 9, 2017
  • Applicant Strike Minerals Inc.
  • Appointee A. Farber & Partners Inc.
  • Appointee role Proposal Trustee
  • Commencement date 31 January 2017
  • + 4 more extracted facts
PDF
Second Report of Proposal Trustee, February 6, 2017
  • Fee schedule Engagements: Form: time_summary · Rows: A. Nackan; P. Denton; P. Crawley; M. Castillo; D. Falcione; Fees: 47946 · Hours: 100 · Quote: Total | 100.00 | | $47,946.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $6.23K · Label: HST · Quote: HST | 6.232.98 · Fees: $47.9K · Quote: Total for Services | $ 47,946.00 · Total: $54.8K · Quote: Subtotal | $ 54,778.98 · includes tax · includes disbursements · Approximate: false · Disbursements: $600 · Quote: Total for Expenses | 600.00 · Period: End: 2016-11-30 · Kind: invoice · Quote: SUMMARY OF TIME INCURRED JULY 4, 2016 TO NOVEMBER 30,2016 · Start: 2016-07-04 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: A. Farber & Partners Inc. · Firm quote: A. FARBER & PARTNERS INC. · Hours total: Quote: Total | 100.00 | | $47,946.00 · Value: 100 · Context quote: In its capacity as Proposal Trustee of Strike Minerals Inc.; Form: time_summary · Rows: A. Nackan; P. Denton; P. Crawley; M. Litwack; L. Samoilov; D. Falcione; A. Palmer; Fees: 32787 · Hours: 75.8 · Quote: Total | 75.80 | | $32,787.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $4.26K · Label: HST · Quote: HST | 4.262.31 · Total: $37.5K · Quote: Current Amount Due | $ 37,504.11 · includes tax · Approximate: false · Period: End: 2016-12-31 · Kind: invoice · Quote: SUMMARY OF TIME INCURRED DECEMBER 1,2016 TO DECEMBER 31,2016 · Start: 2016-12-01 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: A. Farber & Partners Inc. · Firm quote: A. FARBER & PARTNERS INC. · Hours total: Quote: Total | 75.80 | | $32,787.00 · Value: 75.8 · Context quote: In its capacity as Proposal Trustee of Strike Minerals Inc.; Form: time_summary · Rows: D.R. English; Kyle Plunkett; Matthew Liberatore; Shannon Morris; Anita Purushotham; K. Connell · Money: Tax: $9 · Label: HST at 13% · Quote: HST at 13% | | $9.33 · Total: $34.9K · Quote: AMOUNT NOW DUE | | | $34,866.26 · includes tax · includes disbursements · Approximate: false · Disbursements: $72 · Quote: Total Disbursements | . | $71.78 · Period: End: 2016-11-30 · Kind: invoice · Quote: an account dated November 30, 2016 in the amount of $34,866.26 in respect of the period from July 14, 2016 to November 30, 2016 · Start: 2016-07-14 · Approval: Quote: This Affidavit is made in support of a motion to, inter alia, approve the attached account of Aird & Berlis LLP and the fees and disbursements detailed therein · State: sought · Averages: — · Currency: · Invoices: · Firm text: Aird & Berlis LLP · Firm quote: Aird & Berlis LLP has acted as counsel for A. Farber & Partners Inc, ('Farber'), in its capacity as proposal trustee of Strike Minerals Inc. · Context quote: an account dated November 30, 2016 in the amount of $34,866.26 in respect of the period from July 14, 2016 to November 30, 2016; Form: time_summary · Rows: D. R. English; Kyle B. Plunkett; Shannon R. Morris; Timothy S. Jones · Money: Tax: $2.78K · Label: HST at 13% · Quote: HST at 13% · Fees: $21.4K · Quote: TOTAL: | | | 38.90 | $21,374.00 · Approximate: false · Period: End: 2017-01-18 · Kind: invoice · Quote: an account dated January 19, 2017 in the amount of $24,516,80 in respect of the period from December 1, 2016 to January 18, 2017 · Start: 2016-12-01 · Approval: Quote: This Affidavit is made in support of a motion to, inter alia, approve the attached account of Aird & Berlis LLP and the fees and disbursements detailed therein · State: sought · Averages: — · Currency: · Invoices: · Firm text: Aird & Berlis LLP · Firm quote: Aird & Berlis LLP has acted as counsel for A. Farber & Partners Inc, ('Farber'), in its capacity as proposal trustee of Strike Minerals Inc. · Hours total: Quote: TOTAL: | | | 38.90 | $21,374.00 · Value: 38.9 · Context quote: an account dated January 19, 2017 in the amount of $24,516,80 in respect of the period from December 1, 2016 to January 18, 2017
  • Process results 55 solicited
  • Purchaser 2548304 Ontario Inc. (stalking horse) · substantially all of the right, title and interest in Strike's assets, properties and undertakings · asset sale · proposed
  • Sale advisor Phoenix (sale agent)
  • + 2 more extracted facts
PDF
Endorsement, dated December 13, 2016PDF
Motion Record, returnable December 13, 2016
  • Applicant Strike Minerals Inc.
  • Commencement date 6 December 2016
  • Court SUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY)
  • Court file no 35-2193939
  • + 1 more extracted fact
PDF
Order approving Stalking Horse, etc., dated December 13, 2016
  • Bid deadline 16 February 2017
  • Order date 13 December 2016
  • Purchaser 2548304 Ontario Inc. · all or substantially all of the property, assets and undertakings of Strike (collectively, the "Purchased Assets") · asset sale · proposed
  • Sale advisor A. Farber & Partners Inc. (sale agent)
  • + 2 more extracted facts
PDF
First Report of Proposal Trustee, December 8, 2016
  • Purchaser Stalking Horse Bidder, unnamed in provided text (stalking horse) · the Purchased Assets · asset sale · proposed
  • Sale advisor A. Farber & Partners Inc. (auctioneer)
  • Sale outcome Approval pending — proposed stalking horse sales and marketing process seeking Court approval
  • Secured creditors $160K · Note: Charge amount per October Order (Justice Varpio); Waterton's charge ranks subsequent to Whelan Construction Lien only to the extent of $160,000, and has priority over the balance of the Lien. · Page: 26 · As of: 2014-10-21 · Debtor: Strike Minerals Inc. · Creditor: Waterton Global Value (Luxembourg) S.A.R.L. · Security: Court-ordered Charge on the Property (subordinate to Whelan's $160,000 priority per October Order); first-ranking security otherwise
  • + 2 more extracted facts
PDF
NOI Creditors PackagePDF
Certificate of Filing of a Notice of Intention to Make a ProposalPDF
Service List (Word)PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Strike Minerals Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/strike-minerals-inc

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/strike-minerals-inc

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.