Avocet Mining said it had decided to place the company into a members' voluntary liquidation and use the proceeds from the sale of its stake in Tri-K gold project in Guinea to pay ongoing expenses and repay any remaining debt.

The decision to place the company into members voluntary liquidation would be put to a shareholder vote on 18 July 2019 and follows a strategic review by management, the company said.

The sale of the stake in Tri-K gold project was part of the restructuring of Avocet's overdue loans to its secured creditor Manchester Securities totalling $32.2m.

'Avocet's interest in the Tri-K gold project was its last significant equity interest, leaving the company with no significant subsidiaries or other equity investments, and, following the settlement of the overdue loans, a minimal residual cash sum,' the company said.