Failed gold miner Eastern Goldfields has released details of its planned recapitalisation strategy, with the company lodging a prospectus today for a capital raising of between $30 million and $40 million.
Our daily board moves wrap includes David Quinlivan, Mark Wheatley, Keith Jones, Tony Brazier, Susan Hunter, Craig Readhead, Campbell Baird, Mark Davies, Winton Willesee, Erlyn Dale, Peter O'Connor, Simon Trevisan, Neale Fong, Fleur Hudson, and CongYan Xue.
SPECIAL REPORT: WA companies participated in 175 corporate finance transactions worth $7.6 billion in the September quarter, with one of the most complex and innovative being the recapitalisation of Eastern Goldfields.
Struggling gold producer Eastern Goldfields has announced a $75 million recapitalisation deal and board overhaul led by private mining services company Adaman Resources.
SPECIAL REPORT: WA's 30 gold miners achieved a small increase in aggregate output last year with the state's biggest producer, Newmont Mining, making up about a sixth of this at 1.1m ounces, research by Business News has found.
Struggling gold producer Eastern Goldfields has suspended all mining operations, with the company confirming that nearly 40 employees have been made redundant.
Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke's Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.
Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group's revenue.
Michael Fotios-led Eastern Goldfields has suspended its gold processing operations at Davyhurst, as the company completes a strategic review of its business and searches for a recapitalisation deal.
GR Engineering Services will receive an $8.3 million payout from Eastern Goldfields, more than a year after launching proceedings in the Supreme Court in relation to a contract dispute at the miner's Davyhurst operation.
GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields in relation to a contract for refurbishment at the miner's Davyhurst operation, despite the Supreme Court yesterday referring the matter to arbitration.
SPECIAL REPORT: The five WA people with the largest holdings in listed companies have earned around $1.5 billion in dividends in the past five years, with Andrew Forrest and Kerry Stokes leading the way. Click through for our list of 50 directors and investors with holdings worth more than $11 billion between them.
Eastern Goldfields has announced a conditional deal with an international asset manager to raise up to $30 million, with the proceeds used to maintain operations at the company's Davyhurst gol
SPECIAL REPORT: Blackham Resources has overcome a number of hurdles following its transition from explorer to producer, while the state's emerging miners wrapped-up a busy 12 months.
GR Engineering Services says it will continue to pursue legal action against Eastern Goldfields over its work at the Davyhurst operation, while also revealing it would defend Wolf Minerals' $12.2 million claim notice over a project in England.
GR Engineering Services has requested its shares be suspended from trading on the ASX while it assesses the impact of Eastern Goldfield's now-retracted wind-up order, as well as a £7.5 million ($A12.2 million) bond claim notice lodged by Wolf Minerals.
The Supreme Court of Western Australia has reversed its decision to wind-up Eastern Goldfields after it was revealed the relevant debt of $383,000 was paid on the same day the winding-up application was lodged.
The Supreme Court of Western Australia has ordered the winding-up of Michael Fotios' Eastern Goldfields and the appointment of liquidators, after an application by a local assay laboratory.
Michael Fotios has quashed speculation that he intends to step down as chairman of Eastern Goldfields, following an exchange of words with journalists at Diggers & Dealers earlier this week.
UPDATED: Eastern Goldfields is expected to be confronted at next week's Diggers and Dealers conference by local contractors who claim they have not been paid by the Perth gold miner.
Eastern Goldfields has poured first gold at its Davyhurst operation near Kalgoorlie, amid a looming court battle against the project's refurbishment contractor, GR Engineering Services.
Michael Fotios-led Eastern Goldfields says it will counterclaim GR Engineering Services over work at its Davyhurst gold operation, after the contractor began Supreme Court proceedings yesterday.
GR Engineering Services has launched Supreme Court proceedings against Eastern Goldfields and is seeking about $10 million in relation to its contract for refurbishment of the Davyhurst operation.
Eastern Goldfields has announced a $28 million capital raising and share sale facility as it works towards commissioning of its Davyhurst gold operation near Kalgoorlie.
Fortescue Metals Group has risen into the ranks of the top 50 most valuable companies on the Australian share market thanks to soaring iron ore prices which have nearly quadrupled the miner's half-year profit and stoked investor demand.
Eastern Goldfields has withdrawn its $6 million share subscription agreement proposal put forward to Windward Resources, following Independence Group's $20.5 million takeover bid lodged last week.
Independence Group has put forward a $20.5 million bid for emerging nickel play Windward Resources, competing against a previous deal put forward by Michael Fotios's Eastern Goldfields.
Recently revitalised Eastern Goldfields plans to begin producing gold at its Davyhurst operation by March next year, with the company awarding a $12.5 million contract to GR Engineering Services to bring the nearby processing facility out of care and maintenance.
SPECIAL REPORT: A record high Australian dollar price in June has provided a tailwind for the state's gold sector, and 2017 is looking to be a similarly positive year.
SPECIAL REPORT: Some of Western Australia's biggest gold miners plan to boost their exploration spend in the coming year, with Saracen Mineral Holdings and Northern Star Resources among those committed to putting increasing amounts ‘into the ground'.
ANALYSIS: It has been a high-profile week for extremely private explorer Mark Creasy, with two major pieces of news that appear likely to add to his already significant wealth.
Michael Fotios's Eastern Goldfields has made its second strategic investment this week, announcing today a $6 million deal to earn-in to Windward Resources and Mark Creasy's nickel and gold portfolio in the Fraser Range.
Two Western Australian gold hopefuls, Intermin Resources and Primary Gold, have announced earn-in and drilling-for-equity deals, respectively, to progress potential gold projects.
The gold sector has continued to be positive for investors and stockbrokers, with a $12.5 million capital raising announced today by West African Resources adding to more than $150 million worth of deals launched by Western Australian companies this year.
