Stirling Resources Ltd says it expects to settle arrangements for the $15 million recapitalisation of collapsed gold miner Monarch Gold Mining Company Ltd later this week.
Stirling managing director Michael Kiernan, who chaired Monarch until its demise in July 2008, hopes to revive Monarch by paying back debt and re-listing it on the Australian stock exchange as Swan Gold Mining Ltd.
The company's collapse followed the closure of its loss-making Davyhurst mine in Western Australia's Goldfields region.
"Settlement date for the transaction is set for 26th February 2010 and on completion Stirling will own and control 35 per cent of Swan Gold Mining," Stirling said in a statement on Tuesday.
Monarch's administrators, Perth's Pitcher Partners, last week said the recapitalisation deed did not occur on February 5 as previously expected.
Iron ore miner Territory Resources Ltd, which was also previously chaired by Mr Kiernan, is one of Monarch's creditors.
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