Is this the latest- continuing with capital raising?
Compass Resources goes into voluntary admin
30/01/2009 6:00:00 AM. | James Bridie
Compass Resources Limited (CMR) said that it had entered into voluntary administration. The company said that it would explore capital raising opportunities despite confirming it still had $9 million in the bank.
The company, which listed in 1987, said that it reached decision after considering the particular circumstances for the company and the industry as a whole.
"The board has considered the current price for metals, delays encountered in full metal production commencing from the Browns Oxide Plant, continuing support from HNC [China's Hunan Non-ferrous Metals Corporation] to fund the Browns Oxide Project and the current debt and cash position of the company," Compass said in a statement.
"While the financial position of the company in the short term is suitable for it to continue trading, it is in the best interest of the company to proceed with a capital raising to meet working capital requirements."
The company said that it would be looking at measures to reduce operating expenditure in the short term.
Is this the latest- continuing with capital raising?Compass...
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