Miranda shares rise after reinstatement

[miningmx.com] — SHARES in Miranda Mineral Holdings soared during early trade on Monday, after the JSE lifted the suspension of the company’s shares.

Miranda’s share price shot to 35 cents, from its pre-suspension close of 19 cents. It then eased back, settling at 23 cents at around 13:00 – up 4 cents, or 21%.

The company’s shares were suspended, at its own request, on January 12.

Since the initial suspension, Miranda has introduced Incubex Minerals as a shareholder, with a business rescue application and court order having been withdrawn. The board is now satisfied that the group is able to operate in the ordinary course of business, it said on Monday.

Miranda announced on January 20 that Incubex Minerals Limited had acquired a beneficial interest in Miranda amounting to 24% of the total issued share capital.

The acquisition by Incubex follows agreement reached with Global PS Mining Investments Company whereby Incubex has purchased Global’s shareholding in Miranda as well as Global’s short term convertible loan facility and any liabilities and obligations attached to the loan.

Incubex Minerals is a privately owned company that was formed from the unbundling of the mining interests of Sephaku Holdings in November 2010.

Miranda said that its directors believe that the working capital available to the company and its subsidiaries is sufficient for the group’s present requirements for at least the next 12 months.

The board confirmed that it would be able in the ordinary course of business to pay its debts and the company’s assets would be in excess of its liabilities for a period of 12 months.