The owner of White River's gold mine will remain in creditor protection into the new year.
Harte Gold says the Ontario Superior Court of Justice has granted an Amended and Restated Initial Order which extends the "stay period" until January 31st while increasing the amount authorized for borrowing under Harte's Debtor-in-Possession Financing Agreement to $10.8-million, the maximum offered in a financing agreement announced as a way for Harte to continue operations as it filed for creditor protection.
In addition, the Court's granted an order for Harte to conduct a "sale and investment solicitation process", including approving the execution of a subscription agreement with a numbered company that is a wholly-owned - but indirect subsidiary - of Australian company Silver Lake Resources Limited - that agreement will serve as a "stalking horse bid" to establish baseline consideration for Harte's business and assets, with "superior" proposals invited - if none are submitted, then the numbered company will be declared the successful bidder and become Harte's sole shareholder.