Padbury extends suspension

Miner's shares to remain suspended as it prepares details of $6bn Oakajee funds.

Padbury Mining (PDY) has extended its voluntary trading suspension to April 23, pending an announcement to the market detailing the source and terms of the $6 billion it claims to have raised to construct a deep water port and rail network at Oakajee.

The company said it is waiting for information from the counterparties to the shareholders’ agreement as to whether they can meet their funding obligations.

Padbury shares doubled in value on Friday last week after it said it had secured $6bn in funding before being put in a trading halt. The halt was due to be lifted on Tuesday but the company requested its shares be put in a voluntary suspension, which has been extended.

The miner confirmed it has fielded enquiries from the ASX and ASIC, including a notice to produce documents relating to the capital raising, and said it planned to use the extended voluntary period to produce detailed responses.

Padbury previously said the funding will be provided over three tranches: a first tranche of $US470 million, a second of $US3.45bn and a third of $US2.55bn, though beyond this details have been scarce.

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