13/06/2019 - 15:48

Symbol crashes into administration

13/06/2019 - 15:48

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Symbol Mining has gone into administration, less than three months after the Subiaco junior tapped the market for nearly $2.2 million.

Symbol crashes into administration
Barry Bolitho serves as Symbol's non-executive director.

Symbol Mining has gone into administration, less than three months after the Subiaco junior tapped the market for nearly $2.2 million.

Pitcher PartnersDaniel Bredenkamp and Bryan Hughes were appointed administrators to the zinc and lead explorer, which has a focus on projects in the West African country of Nigeria.

Mr Hughes said the would utilise the administration process to restructure the company's affairs and consolidate its financial position.

“The ultimate purpose of the restructure is to recapitalise the Nigerian operations so they may reach their full potential,” he said.

The company’s board includes Andrew Simpson as chairman and Barry Bolitho as a non-executive director.

On March 20, Symbol said it received commitments for $1.8 million placement of shares and a $365,000 rights issue.

It said the primary use of funds from the placement would be to commence its next drilling campaign and for general operating and working capital expenses.

The placement was managed by CPS Capital Group.

As of December 31, Symbol had $17,378 of cash and cash equivalents and $109,667 of trade and other receivables.

It had $8.25 million of current liabilities, including $4.28 million of loans and borrowings, and $3.8 million of trade and other payables.

Remuneration for directors and executives of the company totalled $1.85 million for 2018.

Symbol listed on January 2 2018 at 3.8 cents per share, and quickly jumped to its peak of 6.3 cents per share in just over a fortnight.

However, its share price has consistently fallen and last traded at 0.7 cents each.

It has not been helped by a softening zinc price, which is currently worth approximately $US2,650 per tonne, down from around $US3,220 a year prior.

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