BCD goes into voluntry administration
PERTH (miningweekly.com) – ASX-listed junior BCD Resources on Monday officially announced the appointment of administrators, flagging the possibility of a deed of arrangement.
In January this year, MKS Precious Metals, which holds a A$3-million facility over BCD, appointed administrators to the Australian junior.
Despite this, BCD continued its hunt for capital and commissioning funding required for its Lorena joint venture with fellow-listed Malachite Resources. However, Malachite terminated that transaction earlier this month.
BCD said on Monday that the appointment of voluntary administrators would provide a brief moratorium period during which the administrators would work with stakeholders to develop proposals that could be put to creditors.
It was understood that a deed of company arrangement could be proposed, which would also be put to creditors.
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