Convergent Minerals Ltd. shareholders have approved a deed of company arrangement, allowing the Australian gold explorer to emerge from administration.
The agreement grants control of the company back to the board of directors, enables recapitalization and allows Convergent to relist on the ASX, according to a Dec. 20 statement.
The new board comprises Mitchell McGeorge as executive chairman, Scott Brownlaw as executive director and CEO and Victor Dusik and John Reader as independent nonexecutive directors.
Meanwhile, shareholders have also approved a change of name to East West Energy Ltd., which will be focused on the development of oil and gas projects in North America.
The company is now seeking to undertake a capital raising and relist on the ASX.