Corporate Update

RNS Number : 1889I

Mercator Gold PLC

14 November 2008

 

MERCATOR GOLD PLC
('Mercator Gold', 'Mercator' or the 'Company')

Corporate Update

London - 14 November 2008:  Further to the announcement that Mercator's Australian subsidiary, Mercator Gold Australia Pty Ltd ('MGA'), had entered into Voluntary Administration on 9 October 2008, the Company announces the following update.

At a creditors' meeting held in Perth on 13 November 2008 the proposed Deed of Company Arrangement (DOCA) was voted in with no dissenting votes.  

The arrangements under the DOCA are:

• MGA will be under the control of the Deed Administrator for a period of six months, pending the outcome of the DOCA.
  

• The DOCA provides for a moratorium with creditors and allows for MGA to seek refinancing with the Tulla Resources Group Pty Ltd ('Tulla'). Tulla has an exclusivity period to 31 December 2008, whereafter other parties may express interest in MGA. Tulla is presently engaged in its due diligence of MGA.

Enquiries:

Mercator Gold plc 

Patrick Harford, Managing Director             Tel:     [phone]

                                                                            [phone]

Michael Silver, Chairman                             Tel:    [phone]

Email: [e-mail]  

Website: www.mercatorgold.com 

Bankside Consultants Ltd                       Tel:     [phone]

Simon Rothschild                    

Oliver Winters

Administrators of Mercator Gold Australia Pty Ltd:

Ferrier Hodgson                                       Tel:     [phone]

Malcolm Field / Martin Jones

Level 26, BankWest Tower                

108 St George's Terrace
Perth WA 6000

Australia

AIM: MCR

 

END

 

 

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