Wolf Minerals Ltd. said Oct. 10 that its board decided to appoint administrators as it cannot meet its short-term working capital needs after funding talks failed. The company had warned Oct. 9 that it would have to wrap up talks successfully this week to not run out of cash.
The board decided to appoint Martin Jones and Ryan Eagle of Ferrier Hodgson as administrators. Trading of its shares on the London Stock Exchange was suspended just before the latest announcement after having extended Oct. 9 losses. Trading was suspended on the ASX in September. Both listings remain suspended.
Wolf minerals had been in talks with key financial stakeholders since agreeing to a standstill and increasing a bridge loan facility in July, which was subsequently increased again.
The Plymouth Herald reported that blasting at Wolf Minerals' Drakelands mine in Devon, U.K. had been stopped for a second day, and workers were sent home Oct. 10.