Muscocho Explorations Ltd, Flanagan McAdam Resources, and McNellen Resources Inc signed an agreement in January 1996 with their principal secured creditor, Canadian Imperial Bank, to restructure the CA$895 million secured debt the three companies owed the bank Under the agreement, Canadian Imperial received proceeds from the sale of the Magnacon Mill as well as a $500,000 payment for the Magino Mill The bank agreed to convert its remaining debt to 10 percent of the equity in a n

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The company was formerly known as Magino Gold Corp and changed its ... View the full answer