Altius Minerals Corp. (OTCPK:ATUSF) shares were up almost 20% on Tuesday morning after Newfoundland and Labrador Refining Corporation [NLRC] announced that the Supreme Court of Newfoundland and Labrador upheld a stay of proceedings by quashing a petition for a bankruptcy order sought by SNC-Lavalin Inc. (OTCPK:SNCAF) subsidiary BAE-Newplan Group.
Stock in Altius, which owns 39.6% of NLRC, was up C$1.45 to C$8.99 mid-morning yesterday.
The stay will allow NLRC to formulate a proposal for restructuring and to continue its ongoing efforts to attract financing and/or partners for the project.
Brian Dalton, NLRC's managing director, said:
We are very pleased that the obstacle presented by BAE-Newplan to our restructuring process has been removed. NLRC can now resume its focus on the marketing of this valuable project to potential partners and financiers.