Rambler Metals & Mining CCAA protection

On February 27, 2023, Rambler Metals and Mining Canada Limited and 1948565 Ontario Inc.  (collectively, the “company”) obtained an initial order from the Supreme Court of Newfoundland and Labrador (the “Court”) granting the company creditor protection under the CCAA.

At a subsequent hearing, the Court granted a further order authorizing Grant Thornton, as the court-appointed monitor, to undertake a sale and investment solicitation process ("SISP") for the sale of the Rambler Group's Business.

The SISP was the primary focus at the initial stages of the CCAA proceeding and was conducted by Grant Thornton with assistance from the company. The SISP culminated in a sale transaction, which was completed by way of reverse-vesting order and transfer of 100 percent of the shares of the Company to a subsidiary of AuTECO Minerals Limited, an Australian mining concern, for the purchase price of approximately AU$65 million. As part of this reverse vesting order, all unwanted assets and liabilities were vested into 15444781 Canada Inc. (“Numberco”), a special purposes entity incorporated by the company.

After the conclusion of the sale transaction, the monitor administered a court-approved claims identification process, to identify creditors with potential claims against the proceeds of the sale. In connection with the claims ID process, the monitor was granted enhanced powers to facilitate the wind-down of the CCAA proceedings, including applying for a distribution order in respect of the net proceeds, after the claims identification process concludes.

This CCAA proceeding concluded on December 11, 2023.

Lawyer(s)

Ryan Laity

Firm(s)