The owner of White River's gold mine will go up for auction amid competing buyout offers, just over a month after entering in creditor protection.
An Ontario Superior Court judge had approved a "sale and investment solicitation process" with a subscription agreement with a numbered company - that is a wholly-owned but indirect subsidiary of Australian company Silver Lake Resources Limited - serving as a "stalking horse bid" to establish baseline consideration for Harte's business and assets.
Harte says a qualified bid other than that "stalking horse bid" was received by the submission deadline of last Friday, prompting a decision to conduct an auction tomorrow to determine the successful bid - once that bid's chosen, Harte Gold will apply to the court for an order approving it.
The Toronto-based miner filed for creditor protection in early December, amid a continued cash crunch, though it has continued operations at its Sugar Zone Mine in White River, which entered commercial production in 2019.