Zambezi Resources Ltd has reached a standstill agreement with its major creditors.
Payments of debts to key suppliers have been deferred until the end of March 2009. Zambezi is still trying to raise more cash and the shares remain suspended.
At the suspension price of 1.25p each, Zambezi is valued at £2.47m.
Zambezi is cutting most of its staff. The copper explorer has been hit by falling copper prices but it is continuing exploration at a reduced rate of spending.
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