Rubicon Minerals Corporation is an exploration-stage company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls over 100 square miles of prime exploration ground in Red Lake and approximately 350 square miles of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States. Rubicon's shares are listed on the Toronto Stock Exchange (RMX) and the OTC Pink (RBYCF).
Restructuring Transaction and CCAA Proceedings
Rubicon Minerals Corporation announced that it has obtained today an Initial Order from the Ontario Superior Court of Justice (the “Court”), which grants Rubicon and its subsidiaries (collectively, the “Rubicon Companies”), a stay of proceedings pursuant to the Companies’ Creditors Arrangement Act (“CCAA”), to allow the Rubicon Companies to implement the Restructuring Transaction. The Company intends to implement the Restructuring Transaction pursuant to a plan of compromise and arrangement under the CCAA (the “Plan”) and believes that the implementation of the Restructuring Transaction will improve the Company’s financial position and enable it to recommence exploration activities at the Phoenix Gold Project. Ernst & Young Inc. was appointed as the monitor (the “Monitor”) of the Rubicon Companies in the CCAA proceedings. Materials publicly filed in the CCAA proceedings, including the Initial Order, will be made available on the Monitor’s website at www.ey.com/ca/rubicon, which will be active after the filing of the materials.