Chameleon 'purportedly' in receivership

Just one day after Tony Sage's Cape Lambert Resources took a significant stake in Chameleon Mining, the company has suspended trading of its shares because of the 'purported' appointment of a receiver.

Chameleon has written to the Australian Securities Exchange stating that while it has not received any notification International litigation Partners had 'purportedly' been appointed as receivers.

The letter states, "We expect the appointment of a receiver to be voided by way of court order."

Yesterday, Cape Lambert Resources announced it would provide Chameleon with a $6.5 million credit facility.

Mr Sage, Jason Bontempo and Paul Kelly are to join Chameleon's board under the deal.

Chameleon will also raise $2.5 million in a share placement at 1.5 cents per share.

Cape Lambert will take up to $2 million worth of shares.

Chameleon currently has a Federal Court action against Murchison Metals and a decision on this matter remains pending.

The trading halt is expected to be in place until Friday.