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[title] Canada Fluorspar (NL) Inc. & Canada Fluorspar Inc. – Update [/title]
Pursuant to an Order [Appointing Interim Receiver] made on February 21, 2022, of the Supreme Court of Newfoundland and Labrador General Division (the “Court”), Grant Thornton Limited was appointed interim receiver (the “Interim Receiver”) of Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively referred to as the “Debtors”).
The Interim Receiver was appointed upon an application made by PricewaterhouseCoopers Inc., in its capacity as court-appointed receiver and manager of Bridging Finance Inc. and Bridging Income Fund LP (formerly Sprott Bridging Income Fund LP) (the “Applicant”).
On application by the Interim Receiver, the Court granted an initial order pursuant to the Companies Creditors Arrangement Act (the “CCAA”) dated March 11, 2022 over Canada Fluorspar (NL) Inc., Canada Fluorspar Inc., and Newspar (a General Partnership) (the “Initial Order”). Grant Thornton Limited was appointed Monitor.
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On March 18, 2022, the Initial Order was amended and restated by the Court. Furthermore, at said hearing the Court granted an order (the “Bidding Procedures Order”), authorizing the Company to undertake a sale and investment solicitation process (“SISP”) for the sale of the Company’s business, property, assets and undertakings (collectively, the “Business”). Please note that the non-binding Letter of Intent (“LOI”) is due no later than at 5:00 PM Newfoundland Standard Time on April 17, 2022. Details of the SISP process is available on the Monitor’s website, www.GrantThornton.ca/CFI, under the dropdown menu “CCAA Amended and Reinstated Initial Oder to be Heard on March 18, 2022”.