A US bankruptcy court has approved a settlement of Navan Mining's outstanding debts to Enron subsidiary EMCC.
Under the deal, Navan will pay EMCC $2 million, which had been placed pending approval from the court, plus $3.4 million in new Navan shares.
Navan said it will issue 14.3 million new shares, representing 5.91 per cent of the group's enlarged share capital.
EMCC has agreed not to dispose of the new Navan shares for six months from the date of the court approval. AFP
