Recent losses are taking their toll on St Andrew Goldfields (TSE).
The small gold producer filed an application under the Company’s Creditors Arrangement Act, seeking a stay of proceedings and authorizing the company to file a plan of compromise or arrangement, to be approved by secured and unsecured creditors.
St Andrew, which reported a loss of $2.5 million for the first half of 1994, wants to safeguard its assets while its seeks a partner. The company’s aggregate debt is about $7 million. Its assets, as of Dec. 31, 1993, are worth $23.6 million.
St Andrew owns the Stock gold mine near Timmins, Ont.
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