Stirling scraps Swan recapitalisation

Resource developer Stirling Resources has decided not go ahead with a proposed recapitalisation of Swan Gold Mining.

Earlier this month Stirling announced it intended to offer on a 1 for 10 basis shares in Stirling to those Swan investors who purchased Swan shares from Stirling as part of the Swan Gold recapitalisation.

After consultation with Stirling shareholders the board has decided not to proceed with this offer.

It was also revealed today mining identity Michael Kiernan from has stepped down Stirling Resources, as the company and its Austrian financial backers seek "new blood".