First Amended Reorganization Plan Approved for WestMountain Gold, Inc.
January 19, 2018 at 12:00 am EST
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The US Bankruptcy Court approved the first amended plan of reorganization of WestMountain Gold, Inc. on January 19, 2018. The debtor has filed its amended plan in the Court on December 20. 2017. As per the amended plan, administrative claims, tax claims of $0.21 million, Professional fees of $0.08 million, US trustee fee claims of $0.01 million shall be paid in full in cash. DIP claims in the amount of $1 million shall be entitled to elect to receive instead of cash payment, New common stock in WestMountain up to a maximum allocation of 87.5% of the new common stock issued on account of the new capital, if a minimum of $3.5 million of new capital is raised. The BOCO secured claims is fixed in the amount of $5 million under the terms of the plan and shall be paid in full in cash along with interest on the 5 year anniversary of the effective date of the plan. The balance of the BOCO claim, approximately $3.7 million will be treated as an unsecured claim. Each creditor holding and Allowed Claim in Classes 3 and C shall receive a pro-rata share of the “Class 3 and C Participation Interest.” The Class 3 and C Participation Interest shall be in the amount of $0.8 million and it shall be a participatory interest in the $5 million Allowed Secured Claim. The Unsecured Creditor Claims of $5.79 million will be entitled to select an option under the plan where they can exchange their claims for $0.07 per dollar of the claim, paid once the plan confirmed or $0.12 per dollar of the claim, paid within 5 years or 0.15 share of the new common stock up to a maximum allocation of 11.3% of the new common stock for the electing creditors in the unsecured claim class. Gordon Investments unsecured claims of $0.63 million will be paid pro rata issuance of new common stock of $0.63 million. Common stock interest holders in WestMountain shall receive 1.9% of the new common stock of reorganized WestMountain. Preferred stock interest in WestMountain shall receive in exchange for their interest on pro rata basis stock equal to 0.8% of the new common stock of reorganized WestMountain. The interest of Terra Gold shall reinstate their ownership with WestMountain. BOCO shall receive 0.20 New Common Shares of stock in WestMountain for each dollar of unsecured Allowed Claim held by BOCO on the Effective Date of the Plan. The plan will be funded through cash in hand and issuance of new common stock.
WestMountain Gold, Inc. is an exploration stage mining company. The Company, through its wholly owned subsidiary, Terra Gold Corporation (TGC), is focused on exploration at a gold system project in the state of Alaska (the TMC Project). The TMC Project consists of approximately 339 Alaska state mining claims plus an additional five unpatented lode mining claims held under the lease covering approximately 86 square miles (55,040 acres). The property is centered on a five-mile-long trend of gold vein occurrences. The property lies approximately 120 miles west-northwest of Anchorage and is accessible via helicopter or fixed-wing aircraft. The property has an aircraft runway, haul roads, a mill facility and adjoining camp infrastructure, a tailings pond and other infrastructure. The remote camp is powered by diesel-powered generators and water is supplied to the mill by spring-fed sources and a water well.
WESTMOUNTAIN GOLD, INC. 
