Eastern Goldfields Ltd. is no longer in administration and the company's control has been passed back to the directors after implementation of the recapitalization plan.

The company, to be renamed to Ora Banda Mining Ltd., said May 28 it received A$30 million in funds from its convertible notes offer and entitlement issue, announced previously in May.

Managing Director David Quinlivan said that the company was "very much looking forward to getting on and drilling its existing resource base."

The company will conduct a general shareholders meeting on June 7 to approve various resolutions relating to the recapitalization and relisting on the ASX.