30th Jul 2019 11:13
(Alliance News) - Herencia Resources PLC faces being removed from the London Stock Exchange following the resignation of its nominated advisor and broker, it said Tuesday.
WH Ireland Ltd has resigned with immediate effect. Herencia now has until August 27 to hire a new nomad, or shares will be cancelled from AIM.
The Chile-focused exploration and development company in February confirmed USD300,000 of funding from shareholders Australian Special Opportunities Fund, or Lind Partners, and Oriental Darius Co Ltd.
The term sheet, however, contained some pre-conditions which were "highly unlikely" to be achieved, and the funding also required approval from WH Ireland.
As of February, Herencia said its working capital position was "severely" constrained, and if the funding could not be secured the company would no longer be able to operate. Shares have been suspended from trading in London since that announcement.