Speculation is mounting that one of the contractors to the Mark Creasy-backed Calidus Resources may form part of the rescue plan for the embattled Western Australia gold miner, after its directors went cap in hand to investors on Thursday for $170m.
It is understood that the equity raising book was covered and will be part of an alternative rescue plan being proposed for the company.
But that plan also requires an investor to urgently tip in some funds for working capital, and as of early Thursday this had yet be secured.
Sources believe that talks may be unfolding with one of the contractors to come to its rescue, and fingers were pointing to Macmahon Holdings on Thursday.
Macmahon does work for Calidus and is also a shareholder.
A letter of demand had been sent by Macmahon as an unsecured creditor, and that it had triggered Calidus’s collapse.
The $170m on Thursday involved a conditional and non-underwritten placement of 17,000 shares at 1c a share.
There was scope to accept oversubscriptions and up to $20m for a share purchase plan.
The funds were being raised to extinguish debt and pay creditors as part of a deed of company arrangement. Still, one possibility is that Calidus Resources will fall into the hands of well-known mining investor Mark Creasy, who purchased the bulk of the miner’s debt from lender Macquarie Group at a discount.
This is the current deed of company arrangement proposal on the table, recommended by administrators.
However, if the potential alternative deed of company arrangement comes off, this could instead be recommended.
It could be a close call as to what gets up, what with Creasy’s vote influential, given the size of his debt, but the number of creditors voting in favour also an important factor.
The Australian reported in June that the Western Australia miner – which has the Warrawoona gold mine in the Pilbara – had collapsed, only months after raising $22.5m from the market and restructuring its debts.
KordaMentha were called in as receivers by secured lenders Macquarie, and FTI Consulting called in as administrators by the company’s board.
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