Tahera Diamond (TAH-T), which has been under creditor protection since January, has hired financial advisory firm Franklin Capital Partners to find a buyer, part or whole, for the failing company.
Tahera also says that it will miss the March 31 deadline to file its 2007 financial results and management discussion and analysis of the company’s financial condition.
How late, Tahera couldn’t say. “Tahera does not know at this point in time when it would be in a position to prepare and file its financial statements and MD&A as such filings will be driven by the outcome of its financing and restructuring efforts,” the company said in a statement.
Tahera shut down its struggling Jericho diamond mine in the Nunavut in February to preserve the company’s existing cash position and fuel inventory as it worked out a restructuring plan. Diamond recovery was expected to continue for about two months as the company finished processing high-grade stockpiles.
In mid-December, Tahera tried to raise $40 million at 6.5 per unit. It withdrew the offering a month later when it was obvious that it would not succeed.
The company needs to either find a buyer or raise some money by June 30 when its extended creditor protection period will end.
Tahera has asked that a cease trade order be imposed against directors, officers or insiders of the company since Sept. 30, 2007.
The company has cut its board of directors in half to four people, who will act in an advisory capacity to management as the Jericho mine is put on care and maintenance.
I lost $110,000 dollars in Tahera Mine when it failed; was there insider trading before its failure. Will there beacons action suite against the management of this operation. Was there an investigation whatsoever into who profited from the failure. The Government of Canada and at the time PM Harper officially opened the mine which gave some sort of credibility to the venture. I will be doing in-depth research to get down to the individuals who came out ahead on this one. The Ontario Securities Commission will be my first contact.