Antilles Gold Limited (ASX:AAU) to Liquidate Subsidiary
Subsidiary Liquidation Announcement
Antilles Gold Limited (ASX: AAU) will wind up its subsidiary, EnviroGold (Las Lagunas) Limited, placing it into voluntary liquidation. Stephen Brent Adams from Adams & Company has been appointed as Liquidator in Vanuatu. EVGLL previously operated the Las Lagunas gold tailings project, completed in December 2019.
Financial Implications
The Company anticipates that approximately $415,000 from a surplus plant item sale will cover salaries for two employees during the wind-up. EVGLL is also owed around $4 million from an arbitration award against the Dominican Republic Government and around $1.15 million for damages caused by a contractor.
Future Focus
The Board of Antilles Gold believes that liquidating EVGLL will positively impact cashflow, allowing the company to concentrate on developing the Nueva Sabana and La Demajagua mines in Cuba.
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