NunaMinerals (CPH: NUNA) announced late Sunday evening that it has decided to file for bankruptcy as soon as possible. It has been exactly three months since the loss of the company's equity was reported. Payments are becoming due and the company is insolvent.
The new coalition government of Greenland as both the largest shareholder and the creditor did not feel the proposal a proposal from a newly founded British company Greenland Mining Management Ltd to list NunaMinerals in Frankfurt stock exchange, and to repay all loans to government without asking it to invest more, was viable.
Greenland Mining Management claimed its brokers said there would sufficient demand to see that through. The Board of NunaMirals also said it was attempting to find a solution that would benefit all shareholders. The government will obviously be able to use the prospective exploration portfolio that the company has advanced in whichever way it sees fitting going forward.
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