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Trevali Mining Corporation has received approval from the Supreme Court of British Columbia for a Claims Process Order as part of its CCAA proceedings. This Order allows for the adjudication of claims against the company and its subsidiary, Trevali NB. Creditors will receive Claims Notices detailing their claims, and those wishing to dispute amounts must submit a Proof of Claim Form. The deadline for submitting claims is set for April 21, 2023, by 4:00 p.m. (PST). Failure to meet this deadline will result in claims being barred. The process aims to organize creditor claims effectively during the restructuring phase.
Trevali Mining Corporation announced on November 14, 2022, that the Judicial Tribunal of Commerce in Burkina Faso has mandated the liquidation of its 90%-owned subsidiary, Nantou Mining Burkina Faso S.A. A liquidator has been appointed, assuming management of Nantou Mining and the Perkoa mine, which Trevali can no longer control. Additionally, the company will cease filing its interim financial statements for the three and nine months ending September 30, 2022, defaulting on regulatory requirements. Trevali cites financial constraints and intends to keep stakeholders informed via CCAA proceedings.
Trevali Mining Corporation has successfully completed the sale of its 100% interest in the Santander Mine in Peru to Cerro De Pasco Resources Inc. The transaction, valued at C$1 million in cash and 10 million common shares of Cerro De Pasco, aims to enhance Trevali's capital allocation strategy and reduce corporate debt. Additionally, Trevali will receive a 1% Net Smelter Return Royalty on certain Santander Mine areas. This move is part of Trevali's broader focus on developing the RP2.0 expansion project at Rosh Pinah.
Trevali Mining Corporation announced the completion of its share consolidation, reducing its outstanding shares from approximately 989.5 million to about 98.9 million. This consolidation will take effect on December 6, 2021, on the Toronto Stock Exchange. The new CUSIP and ISIN numbers are 89531J786 and CA89531J7868, respectively. The company's operational assets include the Perkoa and Rosh Pinah mines in Burkina Faso and Namibia, as well as the Caribou and Santander mines in Canada and Peru.