Kingsrose makes final distribution of funds to creditors

ASX-listed Kingsrose Mining Limited said that the final distribution of funds to creditors in accordance with the terms of the Deed of Company Arrangement (DOCA) was made on Wednesday.

Creditors will receive 100 cents in the dollar, the company said in a statement.

?Following the above distribution of funds to creditors, the holding of a shareholders? meeting, approval of the resolutions the subject of the meeting and the subsequent issue of shares pursuant to the resolutions are the only remaining substantive conditions to be satisfied under the terms of the DOCA,? the statement said.

Kingsrose announced June 12 its creditors have approved the proposed DOCA, allowing it to avoid liquidation.

Kingsrose explained the objectives of the DOCA are to enable creditors to receive a better return; facilitate the conversion of the convertible loans and the debts owed to secured creditors Michael John Andrews (MJA) and Great Golden Investment Limited (GGIL) to equity in the company following shareholder approval; facilitate the business of the Kingsrose Group continuing as a going concern; enable all employees of the Kingsrose Group to continue employment; and facilitate the adjudication and payment of creditors? claims.

Editing by Reiner Simanjuntak