Troubled mining group FairStar Resources has been put in the hands of receivers and managers with the appointment of PPB Advisory's Simon Theobald and Melissa Humann.
Shares in junior explorer Padbury Mining have plunged as the company resumed trade and revealed details of its short-lived $US6.47 billion ($6.89 billion) equity funding deal to construct a port and rail network at Oakajee.
Padbury Mining has confirmed the identity of its mysterious wealthy backer as hair regrowth businessman Roland Bleyer but has again called for more time before it can disclose details of the funding arrangement.
SPECIAL REPORT: Tight debt and equity environments have led many junior mining and exploration firms to seek alternative arrangements to finance their operations.
FairStar Resources has cancelled its $260 million joint venture which would have provided 80 per cent of the required funding for its Steeple Hill iron ore mine in the eastern Goldfields, while at the same time announcing an alternative deal that will pay for the project's rail infrastructure.
Diversified explorer FairStar Resources has secured $260 million in project finance, which will cover 80 per cent of the development cost of its Steeple Hill iron project in the eastern Goldfields.
FairStar Resources has passed another key milestone for the development of its Steeple Hill tenements, after the state government granted a mining lease today.
FairStar Resources has signed a native title agreement that takes it a step closer to obtaining a $300 million funding facility for the development of its Steeple Hill iron project in the eastern G
Fairstar Resources is pursuing a $300 million debt funding deal for its Steeple Hill iron ore development, after previously seeking a joint venture with equity investors.
Osborne Park-based Fairstar Resources has secured a $5 million funding facility from Melbourne-based Fortrend Securities, to be used for exploration and working capital.
Osborne Park-based Fairstar Resources Ltd said it has received several unsolicited enquiries over its 18 per cent shareholding in Golden West Resources Ltd.
Fairstar Resources Ltd is facing potential court action from Findlay & Co Stockbrokers (Underwriters) Pty Ltd, for the alleged failure to pay $4.5 million for advisory work costs related to a takeover.
Osborne Park-based Fairstar Resources Ltd has ended its lengthy takeover bid for Golden West Resources Ltd but its final stake in the takeover target has yet to be determined.
Osborne Park-based Fairstar Resources Ltd can now concentrate on its takeover of neighbour Golden West Resources Ltd, after the sale of shares held by ANZ Bank in the wake of the Opes Prime disaster.
The bitter takeover battle for Golden West Resources is set to continue after Fairstar Resources extended its takeover offer for the group until February 13.
Shares in Fairstar Resources Ltd sank another 5 per cent today as it revealed its holding in takeover target Golden West Resources Ltd had fallen from 32.2 per cent to 24.8 per cent.
Golden West Resources Ltd has firmly rejected Fairstar Resources Ltd's improved scrip takeover offer, arguing that the value of Fairstar scrip is highly uncertain and volatile and that Fairstar adds nothing to the planned Wiluna West iron ore project.
Fairstar Resources Ltd has rebutted negative claims made by iron ore explorer Golden West Resources Ltd last week concerning Fairstar's takeover bid for the company.
Fairstar Resources Ltd has announced that acceptances for its off-market takeover bid for Golden West Resources Limited have now increased further to a total of 33.73% of the issued capital of Golden West.
Osborne Park-based Fairstar Resources Ltd has reaffirmed its commitment to a takeover of Golden West Resources Ltd, despite the bigger company officially rejecting the scrip bid yesterday.
Osborne Park-based Golden West Resources Ltd has rejected the all scrip takeover offer made by Fairstar Resources Ltd, saying that the bid was inadequate and provided no prospect of faster progress on the development of the Wiluna West iron ore project.
Osborne Park-based Fairstar Resources Ltd has hit back at a claim by its takeover target, Leederville-based gold explorer Golden West Resources Ltd, that the company had failed to outline tax consequences for shareholders accepting the offer.
Leederville-based gold explorer Golden West Resources Ltd has recommended its shareholders take no action on a takeover proposal by Osborne Park-based Fairstar Resources Ltd, saying the bid "materially undervalues" the company.
Shares in Golden West Resources Ltd surged more than six per cent today after junior explorer Fairstar Resources Ltd launched a scrip-only takeover bid for the emerging iron ore producer.
