The latest update (18/1/19) from Platinum receivers.
8. Cleveland Mining – to Cleveland Mining Company Limited (“Cleveland Mining”, a publicly listed company located in Australia, and its subsidiary Cleveland Iron Holdings Pty Ltd (“Iron Holdings”. PPCO and Platinum Long Term Growth VII LLC are owed approximately $15.6 million, which is secured by a first priority security interest in all of Cleveland Mining’s and Iron Holdings assets. PPCO also holds approximately 29.3 million shares of Cleveland Mining and approximately 50% of the equity of Iron Holdings. Cleveland Mining has a 50% joint venture interest in a gold mine located in Brazil, which is currently not operating and is the subject of litigation in Brazil. Cleveland Mining was placed into a liquidation proceeding in Australia and Platinum has filed a proof of debt form to register its claim and has been working with the Australian liquidator and the Receiver’s local counsel regarding a sale of the publicly listed corporate shell and an allocation of the proceeds between the liquidator and PPCO. The liquidators previously had a purchaser for the shell company, but the buyer was unable to close the transaction and lost its deposit. The liquidators are in discussions with other potential buyers, who have submitted various proposals.
CDG Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
, a publicly listed company located in Australia, and its subsidiary Cleveland Iron Holdings Pty Ltd (“Iron Holdings”
