Mercator Gold PLC said a creditors’ meeting on November 13 has confirmed the appointment of administrators for Mercator Gold Australia Pty Ltd (MGA) and an exclusivity period for Tulla Resources Group Pty Ltd to potentially agree refinancing of the business.
Creditors approved the Deed of Company Arrangement (DOCA) for the unit that entered voluntary administration on October 9.
MGA will be under the control of the deed administrator for a period of six months, pending the DOCA provides for a moratorium with creditors and allows for MGA to seek refinancing with Tulla Resources. Tulla is currently engaged in its due diligence of MGA. The exclusivity period will end on Dec 31 2008.