The receiver overseeing Victoria Gold amid the clean up from the June landslide that compromised the heap leach facility at the company's Eagle Gold Mine has been granted permission to borrow tens of millions of dollars more to fund the cleanup.
READ MORE: Receiver seeks to borrow more money as Victoria Gold cleanup continues
PricewaterhouseCoopers, the receiver, got everything it asked for in an application that the Ontario Superior Court of Justice heard and approved on Dec. 9.
Following that, the receiver can now borrow up to $105 million to fund its activities and can sell up to $5 million in assets in transactions of up to $1 million.
Changes to subcontractors were also approved.
The receiver made this request on Nov. 28 when it informed the court that it expected to have run through the $50 million it had already received by the end of the first week of December.
Contact Jim Elliot at jim.elliot@yukon-news.com
