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Sutter Gold enters receivership

The Bowra Group Inc. was appointed as receiver for Sutter Gold Mining Inc. following an order of the Supreme Court of British Columbia on May 17.

This comes after the company's secured lender, RMB Australia Holdings Inc., provided notice of its intention to enforce security after Sutter was unable to repay outstanding debt.

The company said May 23 that the receiver will be running a sales solicitation process to sell the assets of Sutter, which primarily consist of the shares of its wholly owned unit, Sutter Gold Mining Co.

Additionally, director and Interim CEO Richard Winters resigned from the company on May 17, while independent directors Leanne Baker and Mark Brown resigned from the board on May 21.