Below are three documents from Lafayette's website (http://www.lafayettemining.com/) detailing the trading halt they have been compelled to do at the Australian Securities Exchange (ASX) after the pull-out of a major investor. Though in obvious dire straits, the mining firm still attempts to put a bright optimistic spin to their official updates. Rather understandable if not for the many spins and deceptions Lafayette representatives in the Philippines regularly employ to undermine the extent of the damage the company is inflicting on Rapu-Rapu Island.
NEW PROPOSAL TO RECAPITALISE AND RESTRUCTURE
6 December 2007
Lafayette Mining Limited (Lafayette) wishes to advise that further to its announcement to the market on Monday, 3 December 2007, discussions have continued with project stakeholders with the aim of developing a plan to restructure the financial obligations of the Company and the Rapu Rapu project. As a consequence of those discussions, a new proposal to restructure and recapitalise
Both Lafayette and the project bank group are currently reviewing and evaluating the proposal. If agreement can be reached by all parties on the terms of the proposal, a restructuring and recapitalisation of
The directors of
In the interim, members of the project bank group have agreed to allow
ONGOING DISCUSSIONS REGARDING RECAPITALISATION AND RESTRUCTURING OF LAFAYETTE AND THE RAPU RAPU PROJECT
4 December 2007
Lafayette Mining Limited (Lafayette) wishes to advise that further to our recent releases to the ASX in relation to the proposed recapitalisation and reconstruction of Lafayette and the Rapu Rapu project, and the decision of the Cornerstone Investor not to exercise their rights under an Option Agreement with the Rapu Rapu bank group, the Company continues to hold discussions with its key stakeholders regarding a new plan that can provide a viable basis for the Company and its Rapu Rapu project to move forward.
During this period of uncertainty, the Company’s shares will continue to remain suspended from trading on the ASX. The Company will update this situation as matters unfold.
Mr Nicholas Ong
Australian Securities Exchange
2 The Esplanade
Dear Mr Ong
LAFAYETTE MINING LIMITED – REQUEST FOR TRADING HALT IN THE COMPANY’S SECURITIES
Lafayette Mining Limited (Lafayette) requests a temporary halt in the trading of the Company’s securities, commencing immediately.
On 4 October 2007,
We have been informed by the Cornerstone Investor that they will not exercise the call option to acquire debt from the project bank group on the terms envisaged.
The trading halt is expected to last until at least 3 December 2007.
The Company is not aware of any reason the trading halt should not be granted.
The Company will make an appropriate announcement to inform the market in due course.
Lafayette Mining Limited