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Cambridge Mineral Resources

  • BY: Andrew Hore |
  • POSTED: 01/02/2009 |

Ruegg & Co has resigned as nominated adviser to Cambridge Mineral Resources.

The shares have been suspended and CMR has one month to replace Ruegg. Religare Hichens Harrison and Haywood Securities (UK) remain as brokers. Blomfield Corporate Finance is a nominated adviser in the same group as Religare Hichens Harrison but there is no guarantee that it will be interested in taking on the role of CMR.

CMR has breached a prepayment funding agreement with its lender by failing to deliver enough gold by the end of 2008. The lender wants CMR to deliver its full gold requirement under the agreement of at least 13,541 ounces of gold plus costs and expenses by 6 February 2009. If CMR does not do that then it is unlikely that another nominated adviser will be interested.

At the suspension price of 0.34p a share, CMR is valued at £1.25m.

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