Minera into administration

Just one day after making a desperate plea for funding, Minera Gold has entered voluntary administration with the appointment of Martin Jones and Darren Weaver Ferrier Hodgson.

In a statement today, the Perth-based gold company said the board had spent most of yesterday considering its current position and deciding on the best course of action with respect to Minera and its stakeholders.

“The board believes this process now provides the best opportunity to conclude the exploration of all restructuring options for Minera in the interest of all stakeholders,” the company said.

The decision was made after the company found that it was unable to secure a capital injection or mature a potential takeover offer with an unnamed party.

It needed about $800,000 to keep its main assets in good standing so that funding and restructuring options could be explored, but had only sourced $370,000 to date.

Minera shares remain suspended from trade, last valued at 0.1 cent each on August 17.