30th Sep 2013 11:42
LONDON (Alliance News) - Nyota Minerals Limited Monday said that due to ongoing talks with various parties regarding funding arrangements, it cannot make its 2013 audited financial statements public before its Australian deadline.
The gold exploration and development company said that it will not be able to provide the statements by the Australian Corporations Act deadline of September 30 and its ASX shares will therefore be suspended automatically from October 1.
The company's AIM shares will continue trading, as AIM rules allow longer periods for the preparation and publication of financial statements.
Nyota Minerals has been attempting to find funding partners to continue development of its Tulu Kapi gold mine in Western Ethiopia and said talks are at an advanced stage.
The company had said it would run out of cash by the end of this month, but in a recent statement said cost cutting and careful management of its spending means it has enough to get it through to the end of October at least. Its cost-cutting has included reducing fees paid to its directors by half.
Nyota said that due to the failure to develop Tula Kapi at this point, the company expects the 2013 financial report to include a non-cash impairment charge of AUD45-55 million and it has now put the site on care and maintenance until a definitive plan is agreed.
The company said it will make a further announcement on its financial results as soon as possible.
Nyota Minerals shares were down 4.76% to 1.20 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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