Toronto, ON – TheNewswire – October 16, 2023 – Arehada Mining Limited (“Arehada” or the Corporation“), by its court-appointed liquidator, provides the following updates.
The Corporation previously reported the issuance of an order by Honourable Justice Steele on February 10, 2023 appointing Albert Gelman Inc. as court-appointed liquidator (the “Liquidator”) for winding up the Corporation and an order establishing a claims solicitation and claims bar procedure. Please see the Corporation’s press release dated February 14, 2023 for further details of these orders.
In its First Report dated September 15, 2023, the Liquidator reports that since its appointment, the Liquidator gave notice to the Director under the Business Corporations Act (Ontario) of its appointment, undertook the claims solicitation process, retained the Corporation’s former accountant to prepare the necessary tax returns, assessed the value of the Corporation’s sole non-cash asset, and determined that the Corporation is insolvent, among other things.
On September 21, 2023, the Court authorized the Liquidator to assign the Corporation into bankruptcy and approved the activities and fees of the Liquidator, its counsel and the Corporation’s counsel.
Copies of the Court documents related to this matter can be found on the Liquidator’s website by visiting https://www.albertgelman.com/corporate-solutions/other-engagements/
The Corporation reports that as the Corporation had failed to file its audited financial statements for 2010 by the required time, cease trade orders have been issued by each of the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission, and are still in place as of today.
The above contains forward looking information that is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Generally, forward looking information can be identified by the use of forward looking terminology such as “plans”, “expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward looking information in this press release relates to the Liquidator’s intention to assign the Corporation into bankruptcy. Although we believe the expectations reflected in our forward looking information are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Readers should not place undue reliance on forward looking information.
SOURCE Arehada Mining Limited by the Liquidator
For further information:
Tom McElroy, Albert Gelman Inc. in its capacity as court-appointed Liquidator of Arehada Mining Limited and not in its personal capacity at: [email protected].
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