Ontario Superior Court approves Jaguar Mining’s debt restructuring
TORONTO (miningweekly.com) – Junior miner Jaguar Mining, a gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais, on Friday said the Ontario Superior Court had granted an order approving the company's amended and restated compromise and arrangement plan under to the Companies' Creditors Arrangement Act of Canada.
The Toronto-based firm said the plan would be implemented after certain conditions precedent had been met or waived as set forth in the plan. Should all go well, the company expected to implement the plan and complete its restructuring by the end of February.
The restructuring calls for Jaguar to complete a $50-million share offering, backstopped by holders of its convertible debt, before emerging from court protection from creditors.
Its shares are listed on the TSX, but have been suspended from trade since December 20, a few days before Jaguar announced it had sought protection under the Act.
The TSX last week announced that Jaguar's shares would remain suspended until being delisted on March 31.
The company, which has operations in Brazil, in December announced that it hoped to reduce its debt to $54-million from $323-million.
For the three quarters ended September 30, the company reported consolidated gold output of 73 639 oz, at an all-inclusive cost per ounce sold of $1 435. Jaguar expected to produce between 85 000 oz and 95 000 oz in 2013.
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