This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
October 15, 2021, to its short form
base shelf prospectus dated September 10,
2021.
VANCOUVER, BC, Oct. 5, 2022
/PRNewswire/ - Great Panther Mining Limited (OTCPK: GPLDK) ("Great
Panther" or the "Company") announces that on October 4, 2022, the Supreme Court of
British Columbia (the "Court")
pronounced an initial order (the "Initial Order") converting the
Company's restructuring proceedings under the Bankruptcy and
Insolvency Act (Canada) (the "NOI
Proceedings") to the more flexible restructuring proceedings under
the Companies' Creditors Arrangement Act (Canada) ("CCAA"). Similar to the stay of
proceedings granted in the NOI Proceedings, the Initial Order
prevents creditors from enforcing against the Company up to and
including October 14, 2022 (the
"Stay"), on which date the Company will return before the Court to
seek, among other things, an extension to the Stay. The Initial
Order also approved an agreement between the Company and Asahi
Refining Canada Ltd. ("Asahi") pursuant to which Asahi will
continue to provide refining services to the Company (the "Asahi
Agreement"). The Company's management is of the view that the Asahi
Agreement will avoid the potential disruption of seeking a new
refiner and will assist in maintaining the timely sale of gold from
its indirectly owned mine, increasing the funds available to
support the Company and its operations during these
proceedings.
Additional Information
Further updates will be provided as appropriate. A copy of the
Initial Order and all materials related thereto, as well as any
other information regarding the CCAA proceedings, are available on
the court-appointed monitor's website at
https://www.alvarezandmarsal.com/GPR.
ABOUT GREAT PANTHER
Great Panther Mining is a precious metals producer focused on
the operation of the Tucano Gold Mine in Brazil where the Company controls a land
package covering nearly 200,000 hectares in the prospective Vila
Nova Greenstone belt.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (together, "forward-looking statements").
Such forward-looking statements include but are not limited to the
Company's intention to request an extension to the Stay, the
continued provision of refining services by Asahi and the benefits
of entering into the Asahi Agreement.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant procedural, operational, business, economic and
regulatory risks and uncertainties, including risks related to the
restructuring process and its impact on the Company's operations
and financial conditions, uncertainty regarding the ability to
obtain protection against all collection and enforcement actions
during the judicial reorganization proceedings, uncertainty
regarding the Company's ability to identify and pursue strategic
alternatives that will maximize stakeholder value, and the risks
described in respect of Great Panther in its most recent annual
information form and management's discussion and analysis filed
with the Canadian Securities Administrators and available
at www.sedar.com and its most recent annual report on
Form 40-F and management's discussion and analysis on Form 6-K
filed with the Securities and Exchange Commission and available
at www.sec.gov.
There is no assurance that these forward-looking statements will
prove accurate or that actual results will not vary materially from
these forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described, or
intended. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Forward-looking statements
and information are designed to help readers understand
management's current views of our near- and longer-term prospects
and may not be appropriate for other purposes. The Company does not
intend, nor does it assume any obligation to update or revise
forward-looking statements or information, whether as a result of
new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable
law.
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SOURCE Great Panther Mining Limited