The US Bankruptcy Court gave an order to the trustee of Gryphon Gold Corporation to obtain DIP financing on an interim basis on January 31, 2014. As per the order, the debtor has been authorized to obtain a term loan in the amount of $0.2 million out of $0.5 million from Murray Bockhold and G.R. Dawson. The DIP loan would carry an interest rate of 8% p.a. The DIP facility would mature either on the date of entry of order confirming the plan or on the date of consummation of the sale of substantially all assets or conversion of substantially all assets, whichever is earlier.

Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims and first priority lien upon and security interest in the debtor's collateral. The final hearing will take place on April 9, 2014.