Canadian Dehua International Mines Group Inc.

Canadian Dehua International Mines Group Inc., a British Columbia-based mining company, obtained protection under the CCAA on June 3. The company owns 100% of the shares of two mining projects and a service company, as well as partial ownership interests in several other mining projects. Various factors contributed to the company's CCAA filing, including: (a) delays in achieving commercial production beyond what was originally planned for certain projects, resulting in the assumption of significant debt and limited revenues; (b) two creditors, Zhonghe Canada Zhonghe Investment Ltd. and China Shougang International Trade & Engineer Corporation (“Shougang”), obtaining default judgements against the company in the approximate amounts of $5.2 million and $20.8 million respectively; and (c) the commencement of bankruptcy proceedings by Shougang seeking to obtain a bankruptcy order as against the company. FTI was appointed Monitor. Counsel is DLA Piper for the company. By Dina Milivojevic

Victory Nickel Inc.

Victkel Incory Nic., a Toronto, Ontario-based mineral resources company primarily engaged in the acquisition, exploration, evaluation and development of nickel projects and associated products in Canada, filed an NOI on April 1. The company owns 100% of three advanced sulphide nickel projects: Lynn Lake (under option to Corazon Mining Ltd., an Australian public company (ASX: CZN)), Mel Manitoba, and the Lac Rocher project in Québec. It sold its Minago project located in northern Manitoba on February 9, 2021. The company filed its proposal on April 14. Under the proposal, most of Victory's assets will be liquidated for the benefit of its creditors, which are anticipated to receive a recovery of 100% (exclusive of interest) if the proposal is approved. Grant Thornton is the proposal trustee. Counsel is WeirFoulds for the company. By Dina Milivojevic

Canada Fluorspar (NL) Inc.

Canada Fluorspar (NL) Inc., which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, had a receiver appointed over certain receivables and financed receivables on March 25, on application by HSBC Bank Canada, owed approximately USD$12 million, plus fees and interest. The company was previously placed in interim receivership and then CCAA protection on application by PwC as the receiver of Bridging Finance Inc. The financed receivables were carved out of the interim receivership/CCAA proceedings. The company and certain affiliates remain under CCAA protection notwithstanding the receivership order. Deloitte was appointed receiver. Counsel is Dentons for HSBC Bank Canada, Cox & Palmer for the company, McInnes Cooper for Grant Thornton as monitor and Stewart McKelvey for PwC as the receiver of Bridging Finance Inc. By Dina Milivojevic

Rbee Aggregate Consulting Ltd.

Rbee Aggregate Consulting Ltd., a Gibbons, Alberta-based company specializing in mining and processing aggregate into various products, was placed in receivership on March 11, on application by Crown Capital Partner Funding, LP (formerly, Crown Capital Fund IV, LP), by its manager, Crown Private Credit Partners Inc. (collectively, "Crown Capital"). In November 2017, in connection with the company's purchase of certain assets out of the receivership of Petrowest Corporation, the company assumed indebtedness in the principal amount of $17,255 million owing to Crown Capital. As of March 7, the outstanding indebtedness is $22,734,432.15, exclusive of fees and expenses. In 2017, the company and Crown Capital agreed to postpone the company's debt to Crown Capital to the company's obligations under a loan with Canadian Western Bank ("CWB"). CWB consented to the receivership application. FTI was appointed receiver. Counsel is MLT Aikins for Crown Capital and McLennan Ross for CWB. By Dina Milivojevic

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, “CFI”)

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, "CFI"), which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, obtained an initial order under the CCAA on March 11, on application by Grant Thornton, CFI's interim receiver. CFI was placed in interim receivership on February 21 (see our summary HERE), on application by PwC as the receiver of Bridging Finance Inc. and certain related entities (collectively, “Bridging”), which provided a $55 million loan to CFI. The purpose of the interim receivership was to preserve CFI’s operations while CFI’s stakeholders pursued options to restructure CFI and avoid bankruptcy. The initial order under the CCAA was granted on March 11, and a SISP was approved in connection with the comeback hearing on March 18. Grant Thornton was appointed monitor. Counsel is Stewart McKelvey for PwC as the receiver of Bridging, Cox & Palmer for CFI, McInnes Cooper for Grant Thornton as interim receiver / monitor, Dentons for HSBC Bank Canada and Goodmans for Golden Gate Capital. By Dina Milivojevic

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, “CFI”)

Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. (collectively, “CFI”), which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, were placed into interim receivership on February 21, on application by PwC as the receiver of Bridging Finance Inc. and certain related entities (collectively, “Bridging”). In the past several months, financial and logistical problems have hampered CFI’s operations, and it continues to generate negative cash flow. CFI’s current secured facilities include a $55 million CAD term facility with Bridging, facilities with HSBC that include a revolving term and overdraft account totalling $22 million USD, as well as a letter of credit and credit card facility totalling $1.6 million CAD. In addition, the Province of Newfoundland and Labrador as represented by the Minister of Tourism, Culture, Industry and Innovation provided a loan in the principal amount of $17 million CAD. CFI’s shareholder, Golden Gate Capital, has invested approximately $238 million USD in equity financing since its acquisition of CFI in 2014. Grant Thornton was appointed interim receiver to preserve CFI’s operations and maintain its property while CFI’s stakeholders pursue options to restructure CFI and avoid bankruptcy. Counsel is Stewart McKelvey for PwC as the receiver of Bridging, Cox & Palmer for CFI, McInnes Cooper for Grant Thornton as interim receiver, Dentons for HSBC Bank Canada and Goodmans for Golden Gate Capital. By Dina Milivojevic

Otso Gold Corp.

Otso Gold Corp., a BC-based mining company focused on acquiring and developing prime resource assets such as gold and copper in safe harbour jurisdictions, was placed in receivership on an interim basis on January 14, on application by the company's largest creditor, Pandion Mine Finance, owed approximately $31 million. At the time, the company was subject to CCAA proceedings, having sought protection after the company's former CEO and others were discovered to have allegedly committed embezzlement and fraud in connection with the company's assets. Pandion brought a receivership application, arguing that, among other things, the CCAA proceedings were eroding Pandion's collateral. The company opposed, arguing that, among other things, Pandion had not delivered notice under s. 244 of the BIA and that, as a consequence, was only entitled to the appointment of an interim receiver under s. 47 of the BIA. The company also argued that the amount of Pandion's debt was not as claimed. The Court granted the interim receivership order, which is to remain in force until the release of the reasons for decision on the receivership application. Deloitte was appointed interim receiver. Counsel is Farris for the company, BLG for the interim receiver and Cassels for Pandion. By Dina Milivojevic

BlackRock Metals Inc., Blackrock Mining Inc., BRM Metals GP Inc. and Blackrock Metals LP,

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.

Harte Gold Corp. (TSX:HRT)

Harte Gold Corp. (TSX:HRT), a Toronto, Ontario based gold mining company whose sole business is a gold mining operation in northern Ontario, obtained protection under the CCAA on December 7. As a result of the COVID-19 pandemic, in March 30, 2020 the company temporarily suspended its mining operations for four months, negatively impacting its liquidity position as it was required to obtain additional financing to restart its operations and continue as a going concern. The company has also experienced numerous operational difficulties, resulting in a revenue shortfall of about $22 million from the company's projections for 2021. Prior to the CCAA filing, the company, with the assistance of FTI as financial advisor, conducted a strategic process that led to a wholly-owned subsidiary of Silver Lake Resources Limited being selected as DIP lender and stalking horse bidder. The company intends to conduct a SISP in the CCAA proceedings. FTI was appointed monitor. Counsel is Stikeman Elliott for the company, Goodmans for the monitor, TGF for the company's board of directors, Osler for the DIP lender, Fasken for BNP Paribas and McCarthy Tétrault for Appian Capital.

Otso Gold Corp. (TSX-V:OTSO)

Otso Gold Corp. (TSX-V:OTSO) and certain related entities obtained protection under the CCAA on December 3. The companies are engaged in mineral exploration and development, focused on acquiring and developing prime resource assets, such as gold and copper, in safe harbour jurisdictions. Their primary business pertains to the development of the Laiva Gold Project in Norther Ostrobothnia, Finland (the "Otso Gold Mine"). Otso also owns a 49% interest in a Copper Creek porphyry copper gold exploration project situated in the golden triangle in British Columbia. The companies’ largest creditor is Pandion Mine Finance, which has advanced a total principal amount of $32,600,000 USD to the companies between 2017 and 2020. As at December 7, 2021 (when the loan is due), the amount owing to Pandion inclusive of principal and interest will be $25,875,000 USD. Until November 2021, the companies were managed by Lionsbridge Capital Pty Ltd., and the majority of Otso's directors and officers were Lionsbridge nominees. As a result of various concerns relating to Lionsbridge's management, A&M was appointed to provide restructuring services to the companies on November 24. Shortly thereafter, Lionsbridge's principals resigned and purported to terminate the management agreement. The companies also discovered that, among other things, Lionsbridge's office at the Otso Gold Mine had been completely emptied and Otso's computers and files had been removed; there were unaccounted for charges on Otso's credit card; and one of the companies had sold approximately $740,000 of gold which was paid for by wire transfer, but the funds are allegedly missing from Otso's bank accounts. Based on the above, an Otso executive made contact with Finnish border control services to report possible criminal activity, and, according to the company, Finnish authorities have apprehended one of the principals and placed him into custody. Deloitte was appointed monitor. Counsel is Farris for the companies, BLG for the monitor and Cassels for Pandion.