, /CNW/ - San Gold Corporation (TSX-V: SGR) ("San Gold" or the "Company") announced today it did not receive any third party final bids by the deadline for the Company's previously announced Sale and Investor Solicitation Process pursuant to the Bankruptcy and Insolvency Act ( ) (the "BIA").As a result, it is expected that the Company's secured lenders will seek court approval for a transaction by which the assets of the Company will be acquired by a nominee of the Company's principal secured lenders in exchange for its secured debt. In such event, the Company will have no ability to make a viable proposal to its creditors and will become bankrupt upon the expiry of the court-ordered Stay Period.
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Sans Gold SGR.v is going the way of the buggy whip. NR tonight and not a moment too soon.
At least we retail mugs can comfort ourselves with the fact that Dale Ginn made a hatload of money. Through millionaire insider share sales. Before he stepped aside. Back in the day. Betcha that makes you feel better, right?