04:44 PM EDT, 04/26/2024 (MT Newswires) -- Athabasca Minerals IAMI.V) said Friday it closed its previously announced sale to Badger Mining Corporation for C$29.2 million.

With the closing, all shares of the corporation have been exchanged on a 1:1 basis for common shares in the newly incorporated entity, 2585929 Alberta Ltd. (ResidualCo).

Badger is now the sole shareholder of the company, which has emerged from Bankruptcy and Insolvency Act proceedings.

The gross proceeds will be used by ResidualCo, under the direction of KSV Restructuring, in its capacity as proposal trustee of ResidualCo, to satisfy the corporation's obligations and liabilities to its secured and unsecured creditors.