Kingsrose complete requirements of DOCA

By Romel S. Gurky

ASX-listed Kingsrose Mining Limited announced Tuesday that the requirements of the Deed of Company Arrangement (DOCA), entered into by the company on June 8, 2017 with creditors to avoid liquidation, have now been completed allowing the company to transition out of external administration effective July 31 with control of the company?s affairs reverting to the directors.

Kingsrose said in a statement that following the restructuring efforts of the company?s external administrators, the company is now positioned with a significantly strengthened balance sheet, predominantly resulting from a large reduction in secured debt and a capital raising.

?Operationally, the company?s business has also been repositioned or improved profitability due to the commencement of open cut mining at the Way Linggo Mine,? the company said in the statement referring to its gold project in South Sumatra.

Editing by Reiner Simanjuntak