Thank you, Mr. Speaker. Securities have been transferred dominion to the new company in the same amount and with the same insurance companies and banks. With the cash required for the purchase, it would have been a detriment to ask the company to replace the securities with irrevocable letters of credit or cash in closing. Sureties are an acceptable form of security and our due diligence on the Ekati sale included an assessment of the financial health of the surety providers. There is an agreement in place for the company to replace the securities with cash over time. Thank you, Mr. Speaker.
Shane Thompson on Question 487-19(2): Sale of the Ekati Mine
In the Legislative Assembly on February 3rd, 2021. See this statement in context.
Question 487-19(2): Sale of the Ekati Mine
Oral Questions
February 4th, 2021
Page 1731
See context to find out what was said next.