newpaper article

MACMIN and Texas Silver Mines Pty Ltd deed administrator Bryan Hughes is confident a recapitalisation plan could save the silver exploration company.

Mr Hughes, from Pitcher Partners, said a syndicate of investors including Cygnet Capital Pty Ltd and Alcyone Mining Limited would invest in Macmin to make the company’s flagship asset Twin Hills Mine at Texas a viable operation.

In November last year, Macmin and Texas Silver Mines went into voluntary administration and since then, Mr Hughes has been working towards finding investors for the company.

He said the syndicate had been pulling together investors to raise the $3.5 to $4 million to invest in Macmin.

“They have the money raised,” Mr Hughes said.

“A small amount will go to past creditors and the bulk to a feasibility study and to fixing the problems which caused the company to cease operations.”

A creditors meeting will be held on Thursday afternoon on the Gold Coast to approve the recapitalisation deed.

“The next hurdle will be to get the shareholders to approve,” Mr Hughes said.

“In the current marketplace, what’s been pulled together is the best we could achieve.”

Translation : best deal to ensure the shareholders continue to get the shaft.
I wont vote for it