Trading in shares in Premier Gold Resources (LON:PGR) was suspended today pending clarification of the company's financial position.
The Kyrgyz Republic-focused gold explorer outlined a host of proposed new measures, including a change in name to Prospex Oil and Gas.
It plans to dispose of its wholly-owned subsidiary, Central Asia Resource, which owns its main asset - the Cholokkaindy licence - to Tridevi Capital Partner, so it can repay an outstanding loan under a convertible loan agreement it entered into with Trivedi in 2013.
A new investing policy must also be approved by shareholders at a meeting called for on April 14 this year.
Also proposed is a reorganisation of the group's capital by consolidating 25,000 shares into one share, which would then be subdivided into 100 shares and one new deferred share, the firm said.
The firm also said it had conditionally raised £1.1 million through issuing around 35.3 million shares to advance the new investing policy of the company, which, as the new name suggests, involves a change of direction.
The new investing plan will still a focus on natural resources and may include applying for new exploration licences or investing in existing licences with a primary geographical focus on Europe.