July 13, 2018
Sage Gold (TSXV:SGX), a Toronto, Ontario-based near term producer and gold exploration company with two principal assets respectively located in Timmins and Thunder Bay, was placed in interim receivership on July 13 on application by CRH Funding II Pte, owed approximately $38.8MM. On July 10, the company announced that for the quarter ending in March, it had suffered a net loss of approximately $3.0MM. The company is facing severe liquidity and can no longer make payments to its contract mine manager, Richie Services, who is owed over $1.4MM. In addition, the two key suppliers that the company requires for its reporting to the Ministry of Environment have ceased to provide information to the company. The purpose of the proposed receivership proceedings is to secure the company's assets, property and undertakings (the "Property"); complete the process of placing its mines on care and maintenance; and for the receiver to realize on the Property. Deloitte was appointed interim receiver. Stikeman Elliot is counsel to the applicant.