Monarch Gold Mining Co., forced to close an Australian gold mine last month, said it has voluntarily appointed administrators from Pitcher Partners.
``It is with extreme regret that the board of Monarch Gold advises that it has been placed in a situation that it has no alternative but to appoint,'' Bryan Hughes and Christopher Munday from Pitcher as administrators, the Perth-based company said today in a statement to the Australian stock exchange.
Monarch earlier this week said it was seeking A$30 million ($29 million) to help fund the operation of two gold mines. Managing Director Michael Kiernan offered an interest free loan of A$15 million as part of the funding package.
The company owns the Mt. Ida gold mine, which produces about 50,000 ounces a year, and the Mt. Magnet project which it expects to produce 100,000 ounces annually from mid-2009, the company said in a July 7 statement.
Monarch shares, suspended since June 13, last traded at 29.5 cents, valuing the company at A$59 million.
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