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Wolf Minerals is days away from running out of cash


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Wolf Minerals is days away from running out of cash

Wolf Minerals Ltd. said Oct. 9 that it will run out of working capital within two days if it does not successfully conclude ongoing funding talks.

It has been in talks with key financial stakeholders since agreeing to a standstill and increasing a bridge loan facility in July, which was subsequently increased once more.

Wolf Minerals said it expects to finish the talks this week but warned that if they are not successful within the next two days, the company will not be able to meet short-term working capital requirements.

The company's shares will remain suspended from trading on the ASX. They were suspended when the company decided to defer its annual report and financial statements for the year ended June 30 until it finalizes working capital to support the ongoing operational ramp-up at the Drakelands tungsten-tin project in Devon, U.K.

The report is due Dec. 31 under the London Stock Exchange's AIM segment, where the company's shares were down 15% in Oct. 9 afternoon trade.