Alberta · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 14 October 2025
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What we verified from this filing5 verified
- secured creditorsnote: Aggregate indebtedness as of Sept 12, 2025, plus accrued and accruing interest and legal fees. Secured also by guarantees dated April 27-28, 2023 from related entities Ryfan Qaummallaktaqtuq Ltd. and Northern Canada Ventures Corp., and personal guarantees (joint and several) from directors David Tucker and Darren Fraser. · page: 4 · as of: 2025-09-12 · amount: 3440586.8 · debtor: Ryfan Inc. · creditor: The Bank of Nova Scotia (Scotiabank) · currency: CAD · security: General Security Agreement dated April 28, 2023 (all present and after-acquired personal property); Collateral mortgage dated April 28, 2023. Facility limits (not balances): operating line of credit $3,300,000 at Prime+2%; term loan $156,928 at Prime+1.5%; revolving lease line $1,000,000 at Prime+1.5%; business credit card facility $200,000 at Prime+10%.
- process resultsbids: 3 · note: Receiver solicited liquidation and auction proposals from three experienced and reputable auctioneers · solicited: 3
- purchaserprice: note: Details of the GDAA auction proposal (the Superior Proposal) are sealed in Confidential Appendices · sealed: true · scope: Personal Property · status: proposed · name note: purchasers of the Personal Property at auction, unnamed · structure: auction · name source: recital · relationship: unstated
- sale advisorG.D. Auctions & Appraisals Inc.
- sale outcometext: Receiver recommends approval of the GDAA auction proposal to liquidate Personal Property · scope: liquidation · status: pending_approval