Miningnews extract
"
The troubled gold miner was one of 37 companies cited by the ASX on Monday for not paying FY18 listing fees.
The ASX gave the companies, many of which are exploration juniors in administration, until this coming Monday to pay the fees or be removed from the official list.
Eastern Goldfields has paid the fees via bank cheque as per ASX requirements.
The company was already suspended from trading and it is understood that the stock will remain suspended for at least another week.
Eastern Goldfields was put into liquidation by a creditor last week, but successfully had the order set aside.
At the time, the board of Eastern Goldfields said it would remain in suspension pending an update regarding its financial position and operations, and its management and governance arrangements.
The company said it was being assisted by external advisors in completing a review.
Eastern Goldfields only delivered its first gold bar from the refurbished Davyhurst mine to the Perth Mint two weeks ago.
It remains unclear what Eastern Goldfields’ financial position is, though executive chairman Mike Fotios told reporters at Diggers & Dealers a fortnight ago that the company had sufficient funds to pay its bills.
In his presentation to the conference, Fotios said Eastern Goldfields had debt of $15 million, which comprises a revolving loan facility from Investec.
He did not reveal the company’s cash position, which was just $13,000 at June 30, excluding $35 million in debt facilities.
In July, Eastern Goldfields reported cash and undrawn credit lines of $20 million and said it was expecting diesel fuel rebate funds of around $3 million this quarter.
The Eastern Goldfields board comprises Fotios as chairman, and well-known Perth lawyer Craig Readhead and metallurgist Alan Still as non-executive directors.
The trouble started for the company last month when GR Engineering Services launched court proceedings over a $9.9 million contract claim.
Fotios told reporters at Diggers that the news derailed the company’s recent capital raising, which brought in around $22 million instead of the $35 million sought.
Fotios has blamed legacy issues around the company and project for recent financial woes.
Eastern Goldfields relisted on the ASX early last year, rising from the ashes of Swan Gold Mining and Monarch Gold, which went into administration in 2008."
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