Inca One Receives Court Approval of Claims Process
Rhea-AI Summary
Inca One Gold Corp. (TSXV: INCA.H) (OTC Pink: INCAF) has received court approval for a Claims Process Order as part of its ongoing Companies' Creditors Arrangement Act (CCAA) proceedings. The order establishes a process for calling and adjudicating all claims against the company. Known creditors will receive a Claims Notice, while others must submit a Proof of Claim Form or Director/Officer Claim Form. The Claims Bar Date is set for September 16, 2024, at 4:00 p.m. (PST). Restructuring Claims have a separate deadline. All claims not received by the applicable deadline will be barred and extinguished. The court-appointed Monitor, FTI Consulting Canada Inc., will oversee the process. Detailed information and forms are available on the Monitor's website.
Positive
- Court approval of Claims Process Order, providing a structured approach to address creditor claims
- Established process for known creditors to confirm or dispute their claims
- Clear deadlines set for claim submissions, potentially expediting the restructuring process
Negative
- Ongoing CCAA proceedings indicate financial distress
- Potential for significant liabilities to be revealed through the claims process
- Risk of claims being barred if not submitted by the deadline, which could lead to legal challenges
News Market Reaction – INCAF
On the day this news was published, INCAF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2024) - Inca One Gold Corp. (TSXV: INCA.H) (OTC Pink: INCAF) (FSE: SU92) (the "Company") announced today that, on application by the Company, the Supreme Court of British Columbia has approved a Claims Process Order (the "Order) as part of the Company's ongoing Companies' Creditors Arrangement Act ("CCAA") proceedings. The Order provides for a "Claims Process" pursuant to which the court-appointed Monitor, FTI Consulting Canada Inc. (the "Monitor") and the Company will call for and adjudicate, as necessary, all claims against the Company.
Known creditors with respect to whom the Company and the Monitor have sufficient information to make a reasonable assessment of their claim will be sent a "Claims Notice" setting out the amount and status of their claim. Creditors who receive a Claims Notice do not need to take any further action if they do not wish to dispute the amount or status of their claim as set out in the Claims Notice.
Creditors who receive a Claims Notice but wish to dispute the amount and status of their claim must submit a "Proof of Claim Form" to the Monitor.
All other creditors who wish to assert a claim must submit a "Proof of Claim Form" to assert a claim against the Company or a "Director/ Officer Claim Form" to assert a claim against the Company's directors and officers.
Copies of all Claims Process forms will be available on the Monitor's website at http://cfcanada.fticonsulting.com/incaone/ (the "Monitor's Website").
With the exception of "Restructuring Claims," all Proof of Claim Forms and Director/Officer Claim Forms must be received by the Monitor by no later than 4:00 p.m. (PST) on the "Claims Bar Date" of September 16, 2024. All Proof of Claim Forms with respect to Restructuring Claims must be received by the "Restructuring Claims Bar Date," which is the later of: (a) the Claims Bar Date; and (b) 4:00 p.m. on the day that is seven calendar days after the date that an applicable Notice of Disclaimer or Resiliation is sent to a creditor. Any claims not received by the Claims Bar Date or the Restructuring Claims Bar Date, as applicable, will be forever barred and extinguished.
All claims submitted to the Monitor will be subject to the Claims Process as set out in the Order.
All inquiries regarding Claims Process and Inca One's CCAA proceedings should be directed to the Monitor (email: incaone@fticonsulting.com or telephone: +1-877-294-8998).
Information about the Company's CCAA proceedings, including all court orders, are available on the Monitor's Website.
About Inca One
Inca One Gold Corp is an established gold producer operating two permitted, gold mineral processing facilities in Peru. The Company possesses a combined 450 TPD permitted operating capacity at its two fully integrated plants, Chala One and Kori One, generating over US
Figure 1. Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2645/221246_9f4150b414334b47_001full.jpg
On behalf of the Board,
Edward Kelly
President and CEO
Inca One Gold Corp.
For More Information Contact:
Konstantine Tsakumis
ktsakumis@incaone.com
604-568-4877
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221246
FAQ
What is the Claims Bar Date for Inca One Gold Corp's (INCAF) creditor claims?
How can creditors submit claims against Inca One Gold Corp (INCAF)?
What happens if a creditor misses the Claims Bar Date for Inca One Gold Corp (INCAF)?
Who is overseeing the Claims Process for Inca One Gold Corp (INCAF)?
