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Convergent calls in administrators

15th September 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Convergent Minerals has called in administrators after it was unable to raise funds to repay a 2014 bridging finance agreement.

Convergent secured the bridging finance agreement in April 2014 and drew down A$2.5-million under the facility to maintain its momentum and conduct feasibility work on the Blue Vein gold project, in Western Australia.

The company had hoped to secure a larger project finance facility to provide the necessary capital to develop the Blue Vein project.

However, Convergent said this week that, despite its efforts, it has, thus far, been unable to secure binding agreements to repay its bridging finance facility and to secure ongoing funding.

As a result, the company went into voluntary administration this week, with the company’s share trading remaining suspended.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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