Tergeo Minéraux Critiques Inc., Alliance Magnésium Métallurgie Inc., Alliance Magnésium Inc. and Alliance Magnésium Mines Inc., Interim Receivership

Tergeo Minéraux Critiques Inc., Alliance Magnésium Métallurgie Inc., Alliance Magnésium Inc. and Alliance Magnésium Mines Inc. (collectively, “Tergeo”), Montreal, Quebec-based mining companies that specialize in the extraction, transformation, and production of clean critical minerals, were placed in interim receivership on September 20, 2023, following the filing of an NOI by Tergeo earlier in September. The companies themselves sought the appointment of the interim receiver. Tergeo lists approximately $288 million in liabilities. The insolvency proceedings were initiated due to the company running out of liquidity, having insufficient financing for the next stage of the development of its project, including new production facilities, and issues with access to energy required for its project operations. The objective of the insolvency proceedings is to allow for negotiations with its stakeholders to achieve the conditions essential for the continuation of the company’s project. PwC was appointed as interim receiver as well as proposal trustee. Counsel is McCarthy Tétrault for Tergeo, Norton Rose Fulbright for Investissement Québec and Osler for Wilmington Trust.

By: Dina Milivojevic