The mining directors of Aurum Mining PLC (LON:AUR) have been tasked with finding an “elegant solution” for the company’s Spanish gold portfolio as the business looks to take a different direction.
Having recruited an entirely new management team with experience in aerospace and defence, the company raised £6mln just before the Christmas break and announced it would change its name to Shearwater Group.
The new cash injection along with the £1.2mln it raised in October will fund the move into cyber security.
Chairman David Williams said the deal to offload the mining assets might enable Aurum to retain some sort of carried interest.
“I will of course keep shareholders updated on our progress and I look forward to sharing with you what should be a particularly exciting year ahead,” he added.
The comments came alongside the company’s interim results, which revealed the cash shell posted a loss £62,000 for the six months ended September 30.
At that time Aurum was sitting on net assets of £1.15mln.