News

VANCOUVER, BC – October 9, 2024 – INCA ONE GOLD CORP., (“Inca One” or the “Company”) provides the following general update on its CCAA proceedings.

Since receiving a notice of default on April 8, 2024, from OCIM Precious Metals (“OCIM”) related to a missed gold loan payment, Inca One sought and obtained an order for creditor protection (the “Initial Order”) from the Supreme Court of British Columbia (the “SCBC”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”). The CCAA process allowed for the board of directors of the Company to remain in place to work for all stakeholders and for management to maintain its responsibility for the day-to-day operations of the Company, under the general oversight of a court appointed monitor, FTI Consulting Canada Inc. (the “Monitor”).

Throughout this CCAA process, the Company has expended its best efforts at obtaining financing but has been unsuccessful in sourcing the necessary funding to settle the outstanding debts. Achieving this would have allowed the Company to continue as a going concern in the best interests of all its stakeholders.

At the Company’s most recent court appearance on October 7, 2024, the court ruled against a further extension for the Company to continue to source a new funding arrangement and has appointed the Monitor as the Receiver to liquidate the Company’s assets.

The Company would like to thank all its stakeholders, shareholders, and employees for their support over the years and throughout this process.

For additional information, please visit the Receiver’s website at http://cfcanada.fticonsulting.com/incaone/ (the “Receiver's Website”).

During this CCAA period, the Company’s common shares have been suspended from trading on the TSX Venture Exchange (the “TSXV”) and its secondary stock exchanges (the “OTCQB”) in the United States and Frankfurt Stock Exchange (the (“FSE”) in Europe and will remain suspended pending clarification of Company affairs. 

On behalf of the Board,

Edward Kelly
Director
Inca One Gold Corp.

For More Information Contact:

Konstantine Tsakumis
ktsakumis@incaone.com
604-568-4877

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.

Such forward-looking information and statements are based on numerous assumptions. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to market conditions, metal prices, and risks relating to general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns and other risks detailed from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.