Harte Gold Announces Auction in Sale and Investment Solicitation Process

As previously announced on December 7, 2021, Harte Gold was granted creditor protection pursuant to an order granted by the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended  Pursuant to the Initial Order, FTI Consulting Canada Inc. was appointed as monitor of the Company.

As announced on December 20, 2021, the Court granted an order authorizing the Company to conduct, with the assistance of the Monitor, a sale and investment solicitation process (SISP) in accordance with certain terms and conditions relating thereto. As part of the SISP Order, the Court approved the Company’s execution of a subscription agreement with 1000025833 Ontario Inc., a wholly-owned indirect subsidiary of Silver Lake Resources Limited and the use of the Subscription Agreement as a “stalking horse bid” in the context of the SISP, in order to establish the baseline consideration for the Company’s business and assets. The Bid Deadline for the submission of Qualified Bids under the SISP was 5:00 p.m. EST on January 14, 2022.

It has been determined that a Qualified Bid, other than the Stalking Horse Bid, was received pursuant to the SISP Procedures and, Harte Gold, in consultation with the Monitor, shall conduct an auction on January 19, 2022 to determine the Successful Bid. Following the Auction, Harte Gold will apply to the Court for an order approving the Successful Bid.

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