On January 14, 2022, the Otso Group’s primary secured creditor, Pandion Mine Finance LP and PFL Rahe Holdings Ltd. (collectively, “Pandion”), were granted an order appointing Deloitte as receiver and receiver manager of Otso Gold Corp., the Canadian parent company of the Otso Group. This was a proceeding initially commenced under the Creditors Arrangement Act.

On April 12, 2022, the Supreme Court of British Columbia granted a sale approval and vesting order, approving the sale of the joint venture assets of OGC to Cavu Mining Corp.

On October 24, 2022, the Court granted an order for the Receiver to release OGC’s security interest in Otso Gold OY and Otso Gold AB and to provide its support for a Finnish restructuring program, in connection with a share purchase agreement for the sale of the shares of OGOY to Pilar Gold Inc.

Due to the Otso Group’s lack of resources to advance the restructuring and meet its obligations, the CCAA proceedings were ultimately concluded.

BLG acted for Deloitte, the court-appointed Monitor of Otso Gold Corp., Otso Gold OY, Otso Gold AB, and 2273265 Alberta Ltd.