“The board believes this move [name change] better reflects its strategic direction and focus to transition to a dynamic energy and resources company but maintains a connection to our origins in Mongolia,” Guildford managing director Mick Avery told the meeting.

The company is seeking additional time to finalise the restructure of its debt, and continue to progress funding arrangements to meet upcoming payment obligations.

“We continue to maintain a strong and supportive working relationship with our existing financial backers in connection with our existing obligations and debt restructuring plan,” he said.

“RHB Securities Singapore has been appointed as an advisor on this debt restructuring and has been working closely with the company on this for some time.”

One structure being progressed by the company involves refinancing the majority of its debt through a circa $US115 million five year interest-only listed bond.

“The board’s clear strategic direction is to transition the company over the next 12 months, to a dynamic mid-tier, globally diverse resource and energy mining company which generates strong positive cash flows,” Avery said.

“During this past year and despite significantly adverse market conditions, a key achievement has been the commissioning of the Mongolian Baruun Noyon Uul (BNU) coking coal mine which has enabled the company to transition from explorer to miner status.

“The board plans to use this as a foundation for growth not only organically in Mongolia, but also through the potential acquisition of strong cash flow positive operating projects across the Asia Pacific.”