Creditors of bankrupt Golden Shield Resources have approved unanimously a proposal submitted to the bankruptcy trustee whereby the assets of Golden Shield will be purchased by GSR Mining Corp. The principal asset of Golden Shield is the old Kerr Addison gold mine and mill at Virginiatown, Ont., which GSR, through associate company Deak Resources (TSE), plans to re-activate.
Main items of the proposal consist of payment or other settlements of secured and preferred creditors. Unsecured creditors have agreed to accept treasury shares of GSR, or a cash payment limited to $500. Transfer of the assets will take place in early March, said trustee Murray Hahn.
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