December 23, 2021

Filing Type:

Company Counsel: Lavery

Trustee: Deloitte

Trustee Counsel: Faskens



BlackRock Metals Inc., Blackrock Mining Inc., BRM Metals GP Inc. and Blackrock Metals LP, a Montreal, Québec-based group of companies whose main activity is the development and implementation of Project Volt, a multi-metallic ferroalloy project in the province of Québec, obtained protection under the CCAA on December 23. The companies are development-stage mining companies that have not yet completed construction of their facility. Consequently, the companies currently have no revenue-generating activities and the recovery of amounts recorded as assets in the companies' financial statements depends on the confirmation of the companies' interest in Project Volt’s underlying mining rights, their ability to finalize and secure construction financing, and future profitable production or proceeds from the operation of the business or the disposition thereof. The companies' bridge financing came to maturity on December 1, 2021, and $90,759M is now due and immediately payable to OMF Fund II H Ltd. (“Orion”) and Investissement Québec (“IQ”). The companies intend to seek approval of a SISP and a stalking horse agreement with Orion and IQ on the comeback hearing. Deloitte was appointed monitor. Counsel is Lavery for the companies, Norton Rose for IQ and Faskens for the monitor.