Well and truely up the creek without a paddle..
and has taken a full 12 months ....
Release from DOCA
...Navarre returns as Victorian gold explorer
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Successful $1.7m Stage 1 Capital Raise
The first stage to recapitalise the Company has been completed via an approximate $1.7m convertible debt issuance to sophisticated and professional investors. The key terms of the convertible debt are detailed in annexure 2 including a 12 month term, coupon of 15% p.a., general security (excluding director convertible debt) over the Company and its assets and mandatory conversion into shares at a subsequent capital raise prior to resumption of ASX trading in NML shares. The Company would like to thank Harbury Advisors, Canary Capital and all investors for their support in this capital raise.
James Gurry appointed Managing Director
As disclosed in the 24 April 2024 announcement, given the successful initial capitalraise and release from the DOCA, non-executive Director, Mr James Gurry has beenappointed Managing Director of the Company. Mr Gurry, who has been instrumental in securing the DOCA agreement, implementing the DOCA requirements and effecting the relaunch of the Company, said
“I look forward to re-establishing Navarreas a leading Victorian gold explorer, particularly in this current buoyant gold price environment, and I thank our supporters in this early part of the journey”.
New Director Appointment – Richard Taylor
This follows the recent appointment of Richard Taylor as Non-executive Director. Mr Taylor has held senior executive roles in the resource sector for more than 15 years including CEO and Director of Premier1 Lithium (ASX: PLC), CEO of Terramin Australia Ltd (ASX:TZN) and held senior roles with Mineral Deposits Ltd, PanAust, MMG Ltd and Oxiana Ltd specialising in business development, strategy and governance. The Company continues to speak to other potential new directors as part of its board succession planning process.
Strong Director support of capital raising
It is noted that in the capital raise, Mr Gurry and Mr Taylor have supported the Company by investing $100,000 and $25,000 respectively. The issuance of the convertible notes to these Directors is subject to shareholder approval.
Company released from DOCA
Part of the initial funding has been used to pay the Deed Administrator the agreed sum of $525,000 and thereby satisfying the key condition to removing the Deed of Company Arrangement. The DOCA has been effectuated as confirmed by the Deed Administrator.
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and, how long this time ?