February 27, 2015: Discovery Metals (DML) went into its third trading halt this year - but this time there's no coming back.
The embattled copper company, which owns the Boseto copper project in Botswana, revealed this afternoon that its lenders had demanded "full and immediate repayment".
Discovery said the previously-announced US$110 million investment which was to have been made in the company by a third party had been rejected by the lenders, who now want their money back.
As a result, the Directors believed the company was, or was likely to be, insolvent and therefore had appointed voluntary administrators.
It was the final insult for shareholders, who have been clinging on to the hope of a rescue deal of some sort for many months.
It was only two years ago that a takeover bid for their company collapsed, triggering a slide in the stock from around $1.60 to its final resting place of 1.9c.
But as shareholders lament what might have been, the question now turns to who will pick up Boseto.
Offers, anyone?
The embattled copper company, which owns the Boseto copper project in Botswana, revealed this afternoon that its lenders had demanded "full and immediate repayment".
Discovery said the previously-announced US$110 million investment which was to have been made in the company by a third party had been rejected by the lenders, who now want their money back.
As a result, the Directors believed the company was, or was likely to be, insolvent and therefore had appointed voluntary administrators.
It was the final insult for shareholders, who have been clinging on to the hope of a rescue deal of some sort for many months.
It was only two years ago that a takeover bid for their company collapsed, triggering a slide in the stock from around $1.60 to its final resting place of 1.9c.
But as shareholders lament what might have been, the question now turns to who will pick up Boseto.
Offers, anyone?