Shares in Perth-based Beadell Resources Ltd have been placed in a trading halt pending the outcome of a possible significant transaction.
Shares in Perth-based Beadell Resources Ltd have been placed in a trading halt pending the outcome of a possible significant transaction.
The company recently signed an agreement with gold miner Newcrest Mining to acquire the latter's 70 per cent interest in the Cracow gold mine in Queensland for $200 million.
The agreement is conditional on resource investment house Lion Selection Ltd, which holds the remaining 30 per cent interest in Cracow, waiving its pre-emptive right to acquire the mine to acquire Newcrest's interest.
Shortly after Beadell was placed in a trading halt, shares in Lion Selection were also locked in a trading halt.
Yesterday Lion said that its 30 per cent stake in Cracow was valued at $86 million in its net tangible asset backing announcement, the second of such announcements since Beadell's bid for Newcrest's Cracow stake