18/01/2010 - 08:34

Heron nets $38m from MinRes sale

18/01/2010 - 08:34

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Heron Resources has netted nearly $38 million from the sale of its stake in Mineral Resources, which recently acquired Polaris Metals.

Heron nets $38m from MinRes sale

Heron Resources has netted nearly $38 million from the sale of its stake in Mineral Resources, which recently acquired Polaris Metals.

West Perth-based Heron today said it had pocketed $37.9 million from the sale of 5.3 million MinRes shares at $7.15 each.

Heron had acquired the MinRes shares after accepting the latter's takeover offer for Polaris, which combined with the cash component of the offer, resulted in Heron pocketing more than $40 million.

Heron managing director Mathew Longworth said the board was pleased with the price realised for the shares.

"The cash realised means that Heron now has in excess of $60 million cash at bank," he said.

"This strong financial position will enable Heron to complete the assessment of the A1 Gold project, and if warranted, commission a mining operation.

"Significantly, Heron is now well positioned to pursue additional resource business opportunities."

Shares in Heron were up one cent to 31.5c at 11:13 AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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