WestMountain Gold filed with the U.S. Bankruptcy Court a First Amended Disclosure Statement to accompany its Chapter 11 Plan of Reorganization, dated June 26, 2017.
According to the Disclosure Statement, “The Plan will not become effective, as defined in the Plan, if at least $3 million in New Capital is not raised on or before the Confirmation Date. If the minimum New Capital is not raised by the Confirmation Date as required at Plan paragraph 9. The Debtor will not request confirmation of the Plan and the Plan will not be effective. The Debtors will remain in Chapter 11 pending a different Plan or action in the case. If the Plan is not confirmed, the rights of creditors will not change. The Debtors have been informed that BOCO will elect and intends to fund the Plan with the New Capital requirement of at least $3 million which includes the $1 million already provided through their debtor in possession financing.”
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