Bens Creek PLC has received a redemption notice from largest shareholder Avani Resources for US$6.5 million of unsecured loan notes plus interest.
In addition, as announced on May 16, the company has also received a redemption notice from ACAM over its US$7.57 million unsecured loan note.
The US-based coal miner reiterated it has a cash runway until only the end of May 2024 and remains severely cash-constrained.
Due to this cash constraint, the company said it is unable to repay either amount and is considering its options, including administration.