Photo by: Bloombeg
PERTH (miningweekly.com) – ASX-listed junior Minera Gold has warned shareholders that, without an immediate injection of cash, the company could be in trouble.
Over the past two months, Minera has been working to secure funding, including an A$800 000 bridging facility. While the company had received a number of nonbinding and highly conditional offers, to date, no funding has been secured.
The company noted that the offers received, thus far, had been subject to several conditions, which included various forms of capital reconstruction, which the Minera board had been unable to accept.
“The momentum built over the past 60 days has been incredible. If this team and effort had been in existence in prior periods, I am sure the company would not be in this current position,” Minera chairperson Ismael Benavides said.
He added that the company had identified several potential pathways forward, but said that, at this stage, the company lacked the resources to conclude any of these proposals in a timely manner.
“The board is intent to try and reach an outcome but, in order to activate any of the potential pathways, we will need the support of all stakeholders and access to additional capital in the very immediate term.”
Minera’s share trading remains suspended.