Tinkler, who now resides in Singapore and holds $500 million of personal debt, is currently attempting to get Asian partners to agree to help him fund his $5.3 billion privatisation bid for Whitehaven Coal.

“As notified to the market Blackwood previously advised Mulsanne Resources that it would agree to completion of the share placement being extended until 13 August 2012,” Blackwood said in a statement.

“Blackwood wishes to advise the market that Mulsanne Resources has not paid the placement monies to Blackwood in accordance with this extension.

“Further, Blackwood has not agreed to grant Mulsanne Resources a further extension of time for payment.

“Blackwood intends to recover the placement monies from Mulsanne Resources and reserves all of its legal rights against Mulsanne Resources.”

Blackwood said Mulsanne Resources agreed to subscribe 95 million shares at 30c per share, representing a 50% premium to the five-day volume weighted average price of 20c per share.

It compares with Blackwood’s latest share price of 12.5c.

Market speculation continues that Tinkler is finding difficulty in raising the funds from his Asian partners for the $5.20 per share Whitehaven bid.