I don't know that I'd call this a firesale - that's the point of CCAA - to allow a stay of enforcement by creditors so that a proper marketing of the assets can be done. Of course, it's not a hostile takeover with the associated premium either. If this was a 500k oz deposit - I wouldn't be paying much attention as the only interested parties would really be bottom dwellers dumpster diving. That happened with the two Alaska properties that Tri-Valley auctioned late last year - I met the buyer in Vancouver as well - they got two great properties for $200k (which is all public record). I think what potentially makes this an honest affair is the size of the the properties, especially Burnstone. Everyone complains that the majors aren't replacing their production. Burnstone is a hell of nice asset to stuff in your channel and have production 12 months from now. If only one wants it, it will be stolen. But if there are two motivated bidders who have the cash to go the distance (and it could probably be structured as shares without much difficulty) - it won't be a firesale - that's how every bk auction works - sometimes they surprise to the upside, sometimes the other way. I'd still like a better handle on the honest price that makes it still highly accretive to a Tier 1 producer.
edit(I could also easily picture a Chinese Sovereign outfit being keen on Burnstone)
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