PERTH (miningweekly.com) – ASX-listed Eastern Goldfields has gone into voluntary administration.
The junior company said on Friday that the administrators would work with the company to review its operations, which were currently on care and maintenance, as well as its financial position.
Eastern Goldfields earlier this week flagged the possibility of voluntary administration after a A$75-million recapitalisation transaction fell through.
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.