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Assets of Gold Mining and Exploration Company

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Assets of Gold Mining and Exploration Company



Minimum Price: $17,500,000.00


Other Item Info
Item #: debke_157787
Created: 04/07/2015
Category: Business Property > All Assets or Going Concerns > Mining
Sale Location: New York, New York
Sale Date: Tue. Jun 16, 2015
Primary Office Location: 9790 Gateway Drive, Suite 200, Reno, NV 89521
Seller Info
Stanley B. Tarr
Debtor's Attorney
1201 North Market Street Suite 800
Wilmington, DE 19801
302-425-6479
Bankruptcy Info
Case #: 1:15-bk-10503
Case Title: Allied Nevada Gold Corp.
Court: Delaware Bankruptcy Court
Chapter: 11
View Case Docket

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Description

Sale of Exploration Properties and related assets of Allied Nevada Gold Corp. The Exploration Properties consist of 75 properties that the Selling Debtors acquired from Vista and the Pescios that were not sold prior to the Petition Date. The Debtors generate substantially all of their operating revenue from their operations at the Hycroft Mine, their only operating mine, and do not conduct any operations on the Exploration Properties.

The Sale Assets are described below:

  • Exploration Properties: all real property rights and interests, mining claims (whether patented or unpatented), mining leases or concessions, whether owned or leased.
  • Property Rights: all water rights, surface use rights, access rights or agreements, easements and rights of way, tunnels, drifts, power lines, pipelines and roads, whether owned or leased, used or held for use by Sellers primarily in connection with the Exploration Properties
  • Contracts: all Contracts that are executory and unexpired as of the Closing Date
  • Permits: all Permits primarily used or required for the ownership or operation of the Assets 
  • subject to the right of the Sellers to retain copies for legal or tax reasons, the Operating Records and Other Information;
  • the royalty or similar interests held by the Sellers
  • all rights to receive rental payments or other charges
  • all Claims to the extent related to Assets

Sale Location

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One Bryant Park
New York, NY, 10036

Additional Details

  1. Auction Time: 10 a.m. (ET)
  2. Bidding Procedures Objection Deadline: April 14, 2015 at 4:00 p.m.
  3. Bidding Procedures Hearing Date: April 21, 2015 at 3:00 p.m.
  4. Sale Objection Deadline: June 11, 2015 at 4:00 p.m.
  5. Sale Hearing Date: June 18, 2015 at 10:30 a.m.
  6. Cure Amount/Assignment Objection Deadline: May 21, 2015 at 4:00 p.m.
  7. Purchase Price include: (i) $17.5 million in cash and (ii) the amount, not to exceed $65,000, that the Selling Debtors have posted in respect of any Seller Security that is transferred to the Buyer
  8. Bid Amount: (i) consideration equal to the Purchase Price in the Stalking Horse Purchase Agreement, including an amount of cash equal to the Cash Consideration in the Stalking Horse Purchase Agreement, plus (ii) an amount of cash equal to the Break-Up Fee ($350,000); plus (iii) an amount of cash equal to the Expense Reimbursement ($100,000); plus (iv) an amount of cash equal to $250,000
  9. Bid Deposit: 10% of the purchase price of the bid
  10. Bid Deadline: June 12, 2015 at 5:00 p.m.
  11. Each Subsequent Bid at the Auction shall provide net value to the Debtors’ estates of at least U.S. $100,000 over the Starting Bid or the Leading Bid.


Other Information

Terms and Conditions:

See attached.


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