Shareholders will now decide on the outcome of Mount Gibson Iron's deals with Chinese companies APAC Resources and Shougang, after final binding off-take agreements were signed today.
A stakeholders meeting has now been planned to take place on December 30 in Perth.
Earlier this month, Mount Gibson entered into a rescue plan with APAC and Shougang, with the Chinese companies agreeing to buy iron ore from the miner at a substantial discount to current benchmark iron ore prices.
APAC, Mount Gibson's major shareholder, and Shougang have also agreed to subscribe to shares worth $162.5 million.
Mount Gibson announced today that it has executed long-term off-take agreements with Shougang and APAC for its Tallering Peak and Extension Hill operations, respectively.
News of the execution sent Mount Gibson shares up 5.66 per cent to 28c at 13:28 AEDT.
Last month, Mount Gibson revealed that several of its offtake customers had requested delays to iron ore shipments due to a contracted demand for the commodity.
The miner has also had to lay off some 190 workers from its operations.