Tacora Resources Inc. selected Millstreet Capital Management LLC, OSP, LLC, and Cargill, Incorporated as the successful bidders under its CCAA sale process. The parties entered into a Subscription Agreement on July 21, 2024, which included an equity injection of up to US$250 million (approximately CAD 334 million at the time) by the Investors. The agreement also covered the assumption of pre- and post-filing trade amounts, the assignment of key contractual arrangements, full repayment of the DIP facility, and continued employment for Tacora’s workforce.

The deal allowed Tacora to deleverage its balance sheet and provided capital to modernize the Scully Mine, with a target of producing over six million tonnes of high-grade iron ore concentrate annually. The new Cargill offtake agreement was expected to increase Tacora's revenue per tonne. The Subscription Agreement, subject to Court approval, was set to close by August 30, 2024.

Greenhill & Co. Canada Ltd. (financial advisor) and Stikeman Elliott LLP (legal counsel) advised Tacora. FTI Consulting Canada Inc. served as Court-appointed Monitor, with Cassels Brock & Blackwell LLP as legal counsel to the Monitor. Millstreet and OSP were advised by GLC Advisors & Co., LLC (financial advisor) and Osler, Hoskin & Harcourt LLP (legal counsel). Cargill was advised by Jefferies Financial Group Inc. (financial advisor) and Goodmans LLP (legal counsel).