Eastern Goldfields flags potential administration
PERTH (miningweekly.com) – Embattled Eastern Goldfields has flagged the possibility of entering into voluntary administration after a A$75-million recapitalisation transaction fell through.
The company on Wednesday told shareholders that it planned to adjourn a November 30 annual general meeting (AGM) until January next year, in order to allow shareholders to consider the company’s financial statements.
The AGM would have also been used to approve resolutions to give effect to the recapitalisation transaction, which Eastern Goldfields said would now no longer proceed.
The A$75-million financing package would have included A$8.75-million of interim funding, a A$36.8-million capital raise, a one-for-seven non-renounceable pro-rata entitlement offer to raise some A$5-million, and a recapitalisation and services deed with Adaman Resources to deliver a complete mining solution, as well as negotiations with existing trade creditors to settle outstanding debts.
Eastern Goldfields told shareholders that with the recapitalisation transaction now a thing of the past, the company was evaluating a number of alternative transactions, which could include voluntary administration.
Mining at the Davyhurst operation, in Western Australia, was suspended in early September, with 26 staff made redundant, as Eastern Goldfields looked to mitigate spending.
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