Here,s an extract from the W.A. on Oct 30
SHAREHOLDERS of WA gold miner St Barbara Mines have been warned the company may face receivership unless they approve a massive share issue to US-based fund manager Resource Capital Funds.
At its upcoming annual meeting, due to be held in Perth on November 25, St Barbara will ask its shareholders to approve three separate debt-for-equity swaps aimed at eliminating almost $10 million of debt.
In its notice of meeting, St Barbara said its survival hinged on shareholders agreeing to sign over up to 29 per cent of the company to the Denver fund.
St Barbara must repay in full a $7.2 million loan from RCF by November 30, which it warned might not be possible if the share issue was knocked back.
seems to be going nowhere
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