The stock of specialty metals producer Wolf Minerals plunged on London’s Aim on Tuesday, as the company said that it had only two days to finalise funding negotiations, or it would fail to meet its short-term working capital requirements.
Wolf, which owns a tungsten and tin mine in Devon, south-west England, said that it had been working with its key financial stakeholders to develop a longer term funding solution to provide it with capital prior to the expiry of its standstill period on October 28.
The company’s shares are suspended from trading on the ASX, pending the release of its financial statements for the year ended June 30.
Wolf’s stock fell 20% in early morning trade in London to 1.42p a share.