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Cobar Consolidated call in administrators

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Cobar Consolidated Resources have appointed voluntary after it failed to secure commitments for its working capital.

The miner last month advised that it needed $8 million to restore its working capital position and meet a scheduled repayment to the bank.

It has appointed PBB Advisory as its administrators.

The miner went on to say that it will refund all subscriptions received under the Share Purchase Plan.

Cobar Consolidated had the prospective Wonaminta silver project, which was believed to be one of the world’s largest silver deposits.

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