Antilles Gold Places EnviroGold Subsidiary Under Voluntary Liquidation; Shares Surge 33%

MT Newswires Live

Jan 02

Antilles Gold's (ASX:AAU) EnviroGold (Las Lagunas) was placed into voluntary liquidation as part of the wind-up process for the subsidiary, according to an Australian bourse filing Tuesday.

Stephen Brent Adams of Adams & Company in Vanuatu was appointed as the liquidator.

EnviroGold (Las Lagunas) will use the AU$415,000 it is due to receive via the disposal of a surplus plant item to pay off staff costs, minor creditors, and the costs of the liquidation.

The subsidiary is also owed roughly AU$4 million from the arbitration award for claims against the Dominican Republic government and less than AU$1.2 million in line with a court order for damages caused to one of its dredges by a contractor, per the filing.

Antilles Gold's board said the company's exit from the Dominican Republic is expected to have a positive impact on cash flow.

The mining company's shares climbed past 33% in recent Thursday trade.

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