Fortunately, CIBC World Markets in consultation with Great Basin Gold has been in contact with potential purchasers of the Hollister Property and the varied assets. Remember every offer to purchase the Hollister property will be subject to Court approval in British Columbia, Canada.
CIBC WM Timetable
Feb. 15, 2013 receipt of binding bids including markups of Purchase Agreement and bid procedures;
No later than March 7, 2013 - court approval of "Stalking Horse" agreement and bid procedures;
No later than March 8, 2013 - launch broad remarketing;
No later than April 15, 2013 - receive final bids;
No later than April 16, 2013 - auction held; and
No later than April 18, 2013 - court approval of final offer and sale
Let's hope they sell Hollister and that GBG does not try to invest any profits from the sale of Burnstone back into Hollister and take it off the auction block! If this happens, this entire process will drag on for at least a year before enough gold is produced from Hollister for the shareholders to see a slight profit.
I want to see both mines selling for about a billion dollars this spring.
www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/Great-Basin-Gold/Documents/GBG-Motion-Material-First-Affidavit-of-Peter-Gibson.pdf
