3Legs Resources Announces Closedown

3Legs Resources unveiled its intention to proceed with a closedown, on poor results in Poland. 

'In the absence of a suitable alternative course of action, the Company proposes without delay to return its remaining funds to shareholders, net of costs, and put itself into a solvent liquidation,' reads a note reporting the financial results in the first six months of the year. 

The company recently announced it is in the best interest of its shareholder to exercise a one-time option to cease participation in activity on its three western Baltic Basin concessions.  

'It is intended that a second and final EGM will then be held in the first quarter of 2015 to place the Group into members’ voluntary liquidation, to be followed by a final distribution to be made at the conclusion of the liquidation.'