Tahera announces approval of the court to cease operations at the Jericho Mine
By: PR Newswire
Posted on December 15, 2008 at 13:03 PM EST
TORONTO, Dec. 15 /PRNewswire-FirstCall/ - Tahera Diamond Corporation ("Tahera" or the "Company") (TSX: TAH) announces that received court approval on December 12, 2008 to cease operations at the Jericho Mine effective 12:01 a.m. Eastern Standard Time on Saturday, December 13, 2008. At that same time, the Department of Indian and Northern Affairs Canada ("INAC") will intervene at the Jericho Mine pursuant to section 89 of the Nunavut Waters and Nunavut Surface Rights Tribunal Act (the "Act"). Pursuant to the Act, INAC intends to retain former employees of Tahera to conduct the ongoing care and maintenance activities at the Jericho Mine site. This action was necessitated by the lack of funds currently available to the Company to continue the care and maintenance program and the Company's inability to date to find a buyer for Tahera's assets.
The Company has terminated all remaining staff effective December 12, 2008 and will be closing its Toronto office effective December 31, 2008. As part of this transition, Peter Gillin has resigned as Chief Restructuring Officer (CRO), and a corporation managed by Andrew Gottwald, Tahera's former Chief Financial Officer, has been appointed by the Court as the Company's new CRO. The Company would like to thank Mr. Gillin for his years of dedicated service and wish him well in his future endeavours.
As part of the December 12, 2008 Court Order, the Company has received an extension to the previously announced stay period under the Companies' Creditors Arrangement Act (CCAA), which was previously set to expire on December 12, 2008. The court approved extension is now in place until January 23, 2009.
During the extension of the stay period, the Company, will continue with efforts to complete a sale of its remaining assets in consultation with Caz Petroleum Inc. ("Caz"), the Company's leading secured creditor. On November 21, 2008, Caz notified the Monitor that it had acquired the debt formerly held by Laurelton Diamonds Inc.
PricewaterhouseCoopers Inc. will no longer be acting as the court-appointed monitor during the stay period and this role will be assumed by A. Farber and Partners Inc.
No value is expected to remain available to shareholders as a result of the foregoing.
SOURCE Tahera Diamond Corporation
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