[miningmx.com] — MIRANDA Minerals Holdings, the R54m junior exploration company, is expected to announce a resolution to the in-fighting that has taken it to the brink of bankruptcy.
Andrew Johnson, CEO of Miranda Minerals, said a settlement and change in shareholding had been agreed. He declined to provide details but said Miranda would apply to resume trading shortly. The share was suspended last week.
This was after Global PS Mining Investments Company and Yakani Resources, which together control about 40% of the company, requested the repayment of loans made to Miranda Minerals.
The shareholders had agreed to a rights issue in order to raise additional finance, but the action was interdicted by the High Court following an application by Ron Nel, former CEO of Miranda Minerals.
Nel, who was asked to leave by the shareholders ahead of recapitalising the company, wants to initiate business rescue proceedings for Miranda rather than having to follow his rights in the proposed issue of new shares, it is thought. Nel owns 3.57% of Miranda Minerals through his family trust.
“I would have thought the right way to go would be to sit around the negotiating table,” said a person close to Miranda Minerals.
A slew of directors resigned from Miranda Minerals’ board last week including non-executive directors Clive Knobbs and Pine Pienaar, and the company’s chairperson, Lulama Mokhobo.
In addition to this duties as CEO, Johnson has been appointed acting chairperson.
