Central Rand Gold's conditional placing of shares to raise £750,000 will not go ahead as its listing on AIM will be cancelled from today.
The company said the board would continue to explore refinancing options which could include a pre-emptive offer to shareholders.
Trading in the company's shares was suspended on 11 May pending clarification of its financial position.
Since then the company has restructured its board of directors, secured several offers of finance, conditionally raised £750,000, replaced its nominated adviser and, subject to a number of conditions, including shareholder approval, secured an agreement to sell its operational assets to a consortium of its lenders in exchange for a debt restructuring which the board believed would be in the best interest of shareholders as a whole.
However, as the company's shares remain suspended from trading on AIM, listing of its shares on AIM will be cancelled with effect from today (13 Nov).
It said that as a result of cancellation, the conditional placing of shares announced on 19 Oct, would not now proceed.