Stirling Resources Limited (ASX:SRE)
Perth, July 2, 2009 AEST (ABN Newswire) - Australian resources developer, Stirling Resources Limited (ASX:SRE), announced that at a meeting of the creditors of the various Monarch companies, creditors approved the resolutions necessary to vary the Deeds of Company Arrangement to accept the Recapitalisation proposal offered by Stirling Resources Ltd.
Managing Director Michael Kiernan said Stirling will now be working closely with the Administrators Pitcher Partners to ensure a shareholders’ meeting can now been convened in the shortest possible time for Monarch’s shareholders to also consider approving the Stirling Recapitalisation proposal.
Mr Kiernan said this is a very positive first step on the road to recovery for the Monarch Group which is planned to recommence the operations at the Davyhurst and Mt Ida gold projects located in the Western Australian Goldfields.
Contact
Michael Kiernan
Managing Director
Tel: +61-8-6389-6800
Keith Vuleta
Chief Financial Officer
Tel: +61-8-6389-6800
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