06:20 AM EDT, 08/15/2024 (MT Newswires) -- Victoria Gold ( VITFF ) announced overnight Wednesday that it had been placed in receivership.

The company said it expects that the TSX will immediately suspend its common shares from trading and initiate and expedite a delisting review.

The Globe and Mail newspaper had reported yesterday that the Yukon government was attempting to put Victoria Gold ( VITFF ) into receivership as it attempts to gain more control over the site of a major cyanide spill in the territory.

Over the past six weeks, the Globe report noted, Victoria Gold ( VITFF ) had been attempting to mitigate the environmental damage from a catastrophic rockslide that occurred on its heap leach pad at its Eagle mine on June 24.

When companies are put into receivership, management loses the authority to make decisions over the future of the business.