UPDATE 8.45am: Shares in Kagara have been suspended while the troubled base metals miner continues refinancing talks to ensure it can continue as a going concern.
Chief executive Geoff Day and executive director Joe Treacy both declined to comment on the progress of funding negotiations when contacted by WestBusiness but it is understood discussions were ongoing for much of the Anzac Day public holiday.
Kagara shareholders have spent the week on tenterhooks after the base metals miner put its shares in a trading halt on Monday, pending an announcement on funding.
Kagara subsequently closed its last operating mine, the Balcooma copper mine in Queensland.
When Mr Day last spoke publicly on Sunday he signalled Kagara was chasing up to $50 million.
However, it is unclear whether the situation has deteriorated further.
Kagara has not ruled out any source of funding, which opens the door to debt, equity and asset sales.
With its shares at 12¢, the miner is also arguably vulnerable to a would-be suitor that believes it could turn its fortunes around.
However, any such deal would likely need the support of 19.9 per cent Chinese shareholder Guangdong Foreign Trade Group.
Kagara has been hit hard by falling metal prices and as of December 31 had just $10.8 million cash. The company pocketed $68 million from the sale of its Lounge Lizard project last month but much of the proceeds went to pay down a $40 million working capital facility with long-time financier ANZ.
KZL Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
