Elevation Gold Mining Corporation (TSXV:ELVT) et al., CCAA

Elevation Gold Mining Corporation (TSXV:ELVT) et al., a Vancouver, British Columbia-headquartered gold and silver mining company, obtained CCAA protection on August 1 listing liabilities of over US$77 million, including over US$32 million to secured creditor Maverix Metals. 

Elevation Gold is engaged in the operation, acquisition, exploration and development of mineral properties in the US through its wholly-owned subsidiaries. Its principal operation is the production of gold and silver from the Moss Gold Mine in the Mohave County, Arizona. 

Elevation Gold has had recurring losses since inception, which has generated potentially valuable tax losses. The companies are suffering liquidity challenges due to these ongoing losses coupled with significant investments in capital over the longer term.

In addition, operational issues at the Moss Mine have caused an unexpected loss of production capacity, and an unsecured creditor recently filed a receivership application, creating significant pressure on the companies to seek creditor protection.

The companies intend to continue a pre-filing SISP, which was at an advanced stage at the time of the filing, under the supervision of financial advisor INFOR Financial Group. The companies have sought recognition in the US.

KSV is the monitor and foreign representative.

Counsel is Lawson Lundell (Canada) and Fennemore (US) for the company and Fasken (Canada) and Lewis Roca and Ken Coleman (US) for the monitor.