Wolf Minerals Ltd. was ordered to wind up under U.K. laws, following the company's announcement earlier this month that it would run out of working capital if it failed to successfully conclude ongoing funding talks.

Earlier in October, the board decided to appoint administrators after funding talks failed.

Wolf's directors presented the petition, and the matter was heard in the High Court of Justice on Oct. 17.

Under the court order, the official receiver is now the liquidator of the company.

Nonexecutive chairman John Hopkins and four other directors resigned from their positions, effective immediately, according to the Oct. 18 news release.

The company owns the Drakelands tungsten project in the U.K.