Botswana-focused copper miner Cradle Arc had tried to call in administrators in December for its local 60%-owned holding company, but the 40% owner and operator of Mowana beat it to court and brought in a provisional liquidation.
Now, Cradle Arc itself is under administration.
The company said the aim of administrators Antony Batty and Hugh Jesseman would be "to enable an orderly realisation of the company's assets with a view to maximising value for creditors and shareholders and, if possible, the survival of the company".
Fujax had agreed to hand over $4 million to get Leboam through a tough patch but its audit committee would not sanction the move unless Cradle Arc would "grant security over its interest in ... Mowana".
CEO Kevin van Wouw had said on December 20 the company would continue finance talks after this setback.
Van Wouw is one of the company's lenders, handing over US$2 million in October, but will find himself below other lenders after saying the loan would be "subordinate to all of Leboam's other secured obligations".
Cradle Arc did not give any report on the Leboam provisional liquidation process, which was due to be finished by February 21.
The company has been suspended from AIM since December 7.