Last month, Minemakers said it would extend up to $15 million in the form of convertible loans to BCD, for a two-thirds stake in the Tasmanian gold miner.

BCD has already drawn down $8.5 million of the total, primarily to repay loans extended to the company by Bendigo Mining after a merger deal between the two collapsed.

However, in today's statement, Minemakers said it would not provide the remaining amount to BCD, unless it approved a restructure of its funding arrangements.

"The discussions follow a period where a material adverse change had occurred in BCD's financial position, and Minemakers concluded that it was not prepared to advance further loan moneys to BCD despite the prospect of being able to convert the loan amount to equity at the price of 2 cents per BCD share (subject to BCD shareholder approval)," Minemakers said.

Minemakers went on to say a restructure acceptable to the company had not been achieved and it has given BCD until 5pm on Monday, November 15, to come up with an acceptable restructure.

"If this does not occur, then Minemakers will be entitled to notify BCD that its obligation to provide the loan is terminated and the principal outstanding and any accrued interest and any other outstanding amounts are due and payable immediately," Minemakers said.

BCD is understood to be working on various alternatives to put in place a restructure acceptable to Minemakers prior to the deadline.

Today's news comes after the proposed friendly tie-up between BCD and Bendigo fell apart last month after Bendigo accused BCD of breaching the terms of a loan deal between the two companies, and demanded that BCD immediately repay the $5 million already advanced.

That could have sent the troubled company into receivership, if Minemakers had not stepped up to the plate and cut a new loan deal with the Tasmanian miner.

Shares in Minemakers fell 2c to 37c in morning trade after the suspension of its shares were lifted while BCD shares were last trading at 4.3c.