Kidman seeks ‘satisfactory outcome’ for KBL investment
PERTH (miningweekly.com) – ASX-listed Kidman Resources said on Wednesday that it would seek a “satisfactory outcome” for its investment in fellow-listed KBL Mining, after the company seemingly abandoned the debt struggle.
Kidman acquired A$12.6-million in KBL debt from Capri Trading in November last year, which was secured against all of KBL’s assets, including its operating Mineral Hill base metals mine and its Sorby Hills lead/silver deposit, in Western Australia.
Since then, Kidman has ignited a tug-of-war with KBL over the repayment of the debt and over KBL’s board structure. Kidman also continually questioned KBL’s ability to raise sufficient funding to support its operations.
Earlier this month, Kidman abandoned a request for a shareholders meeting of KBL, in which it had hoped to appoint three new directors, saying it did not wish to place its nominees in a position where they would be joining a board while there was uncertainty regarding KBL’s ability to refinance its existing debt, and to adequately fund itself.
KBL has maintained that it was fully capable of raising sufficient funding, pointing to a $21-million term sheet agreement signed in December last year with a North America-based fund.
Kidman, which holds a 7.73% interest in KBL, said on Wednesday that the company had entered into an amended agreement with the previous debt holder, Capri Trading.
Kidman has redeemed its notes to Capri, which means that the outstanding debt owed by KBL would now be payable directly to a subsidiary of Capri Trading.
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