19th Nov 2018 13:42
LONDON (Alliance News) - Shares in Wolf Minerals Ltd were cancelled on Monday after its nominated advisor and broker, Numis Securities Ltd, resigned and was not replaced.
A notice of cancellation was issued Monday morning which stated that the tungsten miner's shares, which had traded on London's AIM market, had been cancelled.
Numis resigned after Wolf Minerals appointed Martin Jones and Ryan Eagle of Ferrier Hodgson as voluntary administrators.
These administrators were appointed after Wolf Minerals failed to satisfactorily conclude discussions with its financial stakeholders over funding.
Under AIM rules, Wolf Minerals had one month to find a replacement nominated advisor. The month having passed with no nominated advisor found, Wolf Minerals' shares have been cancelled from trading.
Wolf Minerals said in October that it was unable to meet its short-term working capital requirements and could not continue operations at its Drakelands open pit mine in Devon. Its wholly owned subsidiary, Wolf Minerals UK Ltd, ceased trading in October.
Shares in Wolf Minerals were already suspended on the Australian Securities Exchange.