Aurcana Corporation (“Aurcana”) owned two silver mines, being the La Negra Mine in Queretaro State, Mexico and the Shafter silver project located in Presidio County, Texas. Its common shares were publicly traded on the TSX Venture Exchange and the OCTQX Exchange. Aurcana implemented a restructuring transaction under the Canada Business Corporations Act. The restructuring resulted in the La Negra Mine being acquired by Aurcana’s senior secured creditor while Aurcana restructured its balance sheet and operations around its Shafter silver project.
KSV was engaged to review and report to the Court on a pre-filing marketing process carried out by BMO Capital Markets and on Aurcana’s proposed restructuring transactions. This was a unique mandate in the context of a Canada Business Corporations Act proceeding. Our report was used as evidence in Aurcana’s application materials, which assisted to obtain Court approval.