CanXgold Mining Corp., previously known as Golden Dawn Minerals Inc., Kettle River Resources Ltd.

Receivership

^{Page last updated: April 2, 2025}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as at Apr 2, 2025

At the court hearing on April 2, 2025, the Court granted the Discharge Order as sought by the Receiver and providing the relief as outlined in the previous status update.

In accordance with the Discharge Order the Receiver will proceed to making the Final Distribution and finalizing its discharge. 

A copy of the Discharge Order will be uploaded to the Court Orders tab as soon as it is made available.

Status of file as at March 21, 2025

The Receiver has prepared its Third Report to the Court (the "Third Report") to provide the Court with information in support of its applications to be heard on April 2, 2025. The Receiver is seeking an order (the "Discharge Order") that:

• approves a final distribution to the creditors of KRR and GDM;
• approves the Receiver’s Activities as outlined in the First, Second and Third Reports;
• approves the Receiver’s Statement of Receipt and Disbursement to completion of the receivership;
• approves the Receiver’s accounts from November 20, 2023, to completion of the receivership;
• approves the Receiver's legal counsel’s accounts from November 20, 2023, to completion of the receivership;
• authorises the Receiver to file an assignment in bankruptcy for each of the Debtors; and

• discharges the Receiver upon it filing a certificate of completion.

A copy of the Third Report can be found under the Receiver's Report tab and the Receivers Notice of Application can be found under the Court Materials tab.

Status of file as at January 31, 2025

On January 17, 2025, the Court granted the Claims Process Order, authorizing the Receiver to conduct the Claims Process to identify the creditors of Kettle River Resources Ltd and the quantum of the claims. All documentation pertaining to this process, including the claims package, can be found in the "Claims Process" section of this site.

Any person that intends to assert a Claim is required to submit a Proof of Claim, supported by appropriate documentation by February 28, 5.00pm (Vancouver time) (the "Claims Bar Date").

Please refer to the claims package and the Claims Process Order for further details.

Status of file as at January 17, 2025

At the court hearing on January 17, 2025, the Court granted the Claims Process Order and the Second Distribution Order. Copies of the orders can be found under the Court Orders tab.

The Receiver also issued a Supplement to the Receiver's Second Report to the Court which can be found under the Receiver's Report tab.

Status of file as at January 13, 2025

The Receiver has prepared and filed its Second Report with the Court (the “Second Report”) to provide the Court with information in support of its applications to be heard on January 17, 2025. The Receiver is seeking the following:

• A claims process order to conduct a claims process for KRR (the "Claims Process Order"); and
• A distribution order in order to distribute funds to Worksafe BC and RIVI (the "Second Distribution Order").

Status of file as at November 2, 2024

The Receiver is pleased to confirm the transaction with Phoenix Copper Company Inc. as approved by the court on September 16, 2024 closed on November 1, 2024.

Status of file as at September 16, 2024

At the court hearing on September 16, 2024 the Court granted the following 4 orders sought by the Receiver:

• An order (the "108 Receivership Order") appointing PwC as Receiver of all the assets, undertakings, and property of 1086359 B.C Ltd.
• An approval and vesting order (the "AVO"), among other things 1) approving the Purchase and Sale Agreement dated August 13, 2024 (the "Sale Agreement") between the Receiver and Phoenix Copper Inc.
• An order (the "Distribution Order") approving the distribution of the NSR and RIVI Shares to RIVI Opportunity Fund LP
• An order sealing the Confidential Supplement to the Receiver's First Report to the Court dated August 14, 2024 until the filing of the Primary Receiver's Certificate (as defined in the Sale Agreement) or further order of the Court (the "CanXGold Sealing Order").

The court also heard RIVI's application for the two administrative orders it was seeking and granted the order clarifying that the Receivership Order dated November 20, 2023 applies to both CanXGold Mining Corp. and Golden Dawn Minerals Inc. (the "Confirmatory Order") The court declined to grant the order regarding RIVI's security over KRR.

Status of file as at August 16, 2024

The hearing scheduled to take place on August 27, 2024 was adjourned until September 16, 2024.

Status of file as at August 14, 2024

Following the completion of the sales process the Receiver has entered into a purchase and sale agreement (the "PSA") with Phoenix Copper Company Inc. for the sale of all of the assets of the Companies. The Receiver is making an application for approval of the PSA and the transaction contemplated therein and extending the Receivership Proceedings to include 1086359 BC Ltd. a wholly owned subsidiary of Company. The hearing is scheduled for August 17, 2024.

The Receiver has prepared and filed its First Report with the Court (the “First Report”) to provide the Court with information in support of its applications. A copy of the First Report can be found under the Receiver's Report tab and the Receivers Notice of Application can be found under the Court Materials tab.

In addition the petitioners in the Receivership Proceedings, RIVI Opportunity Fund LP are seeking two additional administrative orders and have filed materials in support of these applications which can also be found under the Court Materials tab.

Status of file as at January 19, 2024

PricewaterhouseCoopers Inc. (“PwC”) in its capacity as court-appointed receiver of CanXGold Mining Corp. (formerly known as Golden Dawn Minerals Inc.) and Kettle River Resources Ltd. (the “Companies”) is seeking offers to purchase the assets of the Companies. A copy of the Information Memorandum and non-disclosure agreement (“NDA”) are included in the “Sales Process” tab above. All future publicly available information related to the Sales Process will be included in this area.

Any interested parties who wish to participate in the sales process and gain access to the data room, you should reach out to Claire Wheldon at claire.l.wheldon@pwc.com or Selena Chiang at selena.chiang@pwc.com for more details.

Status of file as at November 20, 2023

On November 20, 2023, the Supreme Court of British Columbia (the "Court") granted an Order (the “Receivership Order”) appointing PwC as Receiver of the assets, undertakings and property of CanXgold Mining Corp., previously known as Golden Dawn Minerals Inc. and Kettle River Resources Ltd.  A copy of the Receivership Order can be found under the "Court Orders" tab above.