Gold Mountain Mining Corp. Receives Demand for Payment
Gold Mountain Mining (OTCQB:GMTNF) has received demand for payment letters from creditor Nhwelmen Construction totaling approximately $11.16 million. The amount comprises $4.84 million for contract work on the Elk gold mining project and $6.32 million under a convertible debenture.
Unable to pay these amounts, the company's Board has consented to Nhwelmen's application to place the company into receivership, with MNP LLP to be appointed as receiver. The application is scheduled for July 31, 2025. Trading of the company's shares on the TSX has been halted.
Gold Mountain Mining (OTCQB:GMTNF) ha ricevuto lettere di richiesta di pagamento dal creditore Nhwelmen Construction per un totale di circa 11,16 milioni di dollari. L'importo comprende 4,84 milioni di dollari per lavori contrattuali nel progetto minerario d'oro Elk e 6,32 milioni di dollari relativi a un'obbligazione convertibile.
Non essendo in grado di saldare tali importi, il Consiglio di amministrazione della società ha acconsentito alla richiesta di Nhwelmen di porre la società in amministrazione controllata, con la nomina di MNP LLP come amministratore giudiziario. La richiesta è fissata per il 31 luglio 2025. La negoziazione delle azioni della società sulla TSX è stata sospesa.
Gold Mountain Mining (OTCQB:GMTNF) ha recibido cartas de demanda de pago del acreedor Nhwelmen Construction por un total aproximado de 11,16 millones de dólares. La suma incluye 4,84 millones de dólares por trabajos contractuales en el proyecto minero de oro Elk y 6,32 millones de dólares bajo un pagaré convertible.
Al no poder pagar estas cantidades, la Junta Directiva de la empresa ha consentido la solicitud de Nhwelmen para poner a la compañía en administración judicial, designando a MNP LLP como receptor. La solicitud está programada para el 31 de julio de 2025. La negociación de las acciones de la empresa en la TSX ha sido suspendida.
Gold Mountain Mining (OTCQB:GMTNF)는 채권자 Nhwelmen Construction으로부터 약 1,116만 달러의 지급 요구서를 받았습니다. 이 금액은 Elk 금광 프로젝트 계약 작업에 대한 484만 달러와 전환사채에 대한 632만 달러를 포함합니다.
회사는 이 금액을 지급할 수 없어 이사회의 동의 하에 Nhwelmen의 신청으로 회사가 수탁자 관리(receivership)에 들어가게 되었으며, MNP LLP가 수탁자로 임명될 예정입니다. 신청 심리는 2025년 7월 31일로 예정되어 있습니다. 회사 주식의 TSX 거래는 중단되었습니다.
Gold Mountain Mining (OTCQB:GMTNF) a reçu des lettres de mise en demeure de la part du créancier Nhwelmen Construction pour un montant total d'environ 11,16 millions de dollars. Ce montant comprend 4,84 millions de dollars pour des travaux contractuels sur le projet minier d'or Elk et 6,32 millions de dollars au titre d'une débenture convertible.
Ne pouvant régler ces montants, le conseil d'administration de la société a donné son accord à la demande de Nhwelmen visant à placer la société en redressement judiciaire, avec la nomination de MNP LLP en tant que mandataire judiciaire. La demande est prévue pour le 31 juillet 2025. La négociation des actions de la société à la TSX a été suspendue.
Gold Mountain Mining (OTCQB:GMTNF) hat von dem Gläubiger Nhwelmen Construction Zahlungsaufforderungen in Höhe von insgesamt ca. 11,16 Millionen US-Dollar erhalten. Der Betrag setzt sich zusammen aus 4,84 Millionen US-Dollar für Vertragsarbeiten am Elk-Goldbergbauprojekt und 6,32 Millionen US-Dollar aus einer wandelbaren Schuldverschreibung.
Da das Unternehmen diese Beträge nicht begleichen kann, hat der Vorstand der Gesellschaft der Antragstellung von Nhwelmen zugestimmt, das Unternehmen in die Zwangsverwaltung zu geben, wobei MNP LLP als Insolvenzverwalter bestellt wird. Der Antrag ist für den 31. Juli 2025 angesetzt. Der Handel mit den Aktien des Unternehmens an der TSX wurde ausgesetzt.
- None.
- Company unable to pay $11.16 million in total debt obligations
- Trading halted on TSX exchange
- Company entering receivership proceedings
- Default on both operational debt ($4.84M) and convertible debenture ($6.32M)
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / July 31, 2025 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) announces that it and its two subsidiaries, Bayshore Minerals Incorporated ("Bayshore") and Elk Gold Mining Corporation ("Elk Gold"), have received "demand for payment" letters from their creditor, Nhwelmen Construction GP Ltd. as general partner of Nhwelmen Construction Limited Partnership ("Nhwelmen"). The demands are for a total of approximately
Nhwelmen has advised that it intends to file an application with the British Columbia Supreme Court to place the Company into receivership and appoint MNP LLP as receiver (the "Receiver"). The Company does not have the means to pay the demanded amounts. Accordingly, the Company's Board of Directors has consented to the appointment of a receiver. Nhwelmen's application is scheduled to be heard on Thursday, July 31, 2025, and court approval is expected. The Receiver will be charged with managing the day to day affairs of the Company during the period of appointment and should be contacted with respect to any questions concerning the assets and liabilities of the Company. The common shares of the Company have been halted from trading on the TSX.
About Gold Mountain
Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at www.sedarplus.ca or on the Company's new website at www.goldmountainminingcorp.ca.
For more information, please contact:
Gold Mountain Mining Corp.
Email: info@goldmountainminingcorp.ca
Website: www.goldmountainminingcorp.ca
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Forward Looking Statements
This news release contains forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
SOURCE: Gold Mountain Mining Corp.
View the original press release on ACCESS Newswire
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