14th Nov 2008 11:07
MERCATOR GOLD PLC("Mercator Gold", "Mercator" or the "Company")
Corporate Update
London - 14 November 2008: Further to the announcement that Mercator's Australian subsidiary, Mercator Gold Australia Pty Ltd ("MGA"), had entered into Voluntary Administration on 9 October 2008, the Company announces the following update.
At a creditors' meeting held in Perth on 13 November 2008 the proposed Deed of Company Arrangement (DOCA) was voted in with no dissenting votes.
The arrangements under the DOCA are:
MGA will be under the control of the Deed Administrator for a period of six months, pending the outcome of the DOCA.
The DOCA provides for a moratorium with creditors and allows for MGA to seek refinancing with the Tulla Resources Group Pty Ltd ("Tulla"). Tulla has an exclusivity period to 31 December 2008, whereafter other parties may express interest in MGA. Tulla is presently engaged in its due diligence of MGA.
Enquiries:
Mercator Gold plc
Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010
+61 (0) 428 103 447
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Email: [email protected]
Website: www.mercatorgold.com
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters
Administrators of Mercator Gold Australia Pty Ltd:
Ferrier Hodgson Tel: +61 (0) 8 9214 1444
Malcolm Field / Martin Jones
Level 26, BankWest Tower
108 St George's TerracePerth WA 6000
Australia
AIM: MCR
Related Shares:
ECR Minerals