Basin Mine Limited Partnership, a limited partnership ultimately owned by Arthon Industries, filed an NOI on October 3. In 2015, the partnership acquired, through the CCAA proceedings of Coalmont Energy Corp, the mining permit to develop and operate an open pit coal mine near Coalmont, British Columbia. The mine was anticipated to produce approximately 500.0M tonnes of thermal coal per year. Full scale production has never taken place though, due primarily to the price of thermal coal dropping well below the break-even point for the mine. The mine currently does not generate any revenue and incurs costs of approximately $60.0M per month to keep it under care and maintenance. In early 2016, Callidus Capital, the partnership's senior secured lender owed approximately $63.3MM, advised that it wanted the partnership to sell its assets, primarily to stop the mine's ongoing care and maintenance costs, which it funded. The partnership, with the assistance of Ritchie Bros and MNP Corporate Finance, commenced a sales process that ultimately produced one offer from Pioneer Sand and Gravel (Pioneer). In order to convey the assets to Pioneer free and clear of encumbrances and charges, the transaction will be completed under a formal insolvency process. EY is the proposal trustee. Counsel is Cassels Brock for the company and BLG for Callidus.