EMBATTLED mining company GBM Gold has told shareholders it wants to return to the ASX after its removal.
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The ASX delisted the company last Tuesday under a policy that removes companies after two years of continuous suspension from trade.
GBM Gold is also the middle of a separate court battle with the state's mining regulator over the future of two of its operations, one of which is a mine site in Kangaroo Flat and the other is a series of evaporation ponds in Woodvale.
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Losing that battle would put a question mark over the Kangaroo Flat site as well as the entrance to the Swan Decline, an 18km-long tunnel previous site owners dug under the city centre in the search for gold.
The site could be rehabilitated and the entrance closed, though mining regulator Earth Resources has previously indicated it would consult with the community about the future of both it and the Woodvale ponds.
The company and its subsidiary Kralcopic are awaiting a ruling from the Supreme Court of Victoria over Earth Resources' 2019 decision.
The regulator made that decision over concerns about GBM Gold's capacity to fund works and environmental bonds at the sites.
GBM Gold took over Kangaroo Flat mining license in 2015 with the hopes of restarting operations and potentially exploring for untapped gold under Bendigo.
But those hopes were complicated two years ago when the company was forced to suspend trade on the ASX, over concerns about its financial position.
On the Friday before last, GBM Gold's board of directors wrote to shareholders saying its attempts get an extension to remain listed on the ASX had been unsuccessful.
Chairman Eric Ng did not answer a question from the Bendigo Advertiser about what steps the board took to get an extension.
Instead, he referred the Advertiser to the directors' statement to shareholders written before the then-looming ASX delisting.
The statement outlines the $10 million loan and drawdown facility.
"$6.7m of the investment would be used to underwrite a 1:1 rights issue to be undertaken by the Company while the balance would be in the form of a Convertible Loan to the Company," the statement said.
The directors told shareholders they wanted to resume operations and restart trading on the ASX as capital became available.
In the meantime, the company would continue to keep shareholders informed through its website, they said in the statement.
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