Navigator Resources has been left high and dry by its potential white-knight, with Singapore-based investment house LionGold Corporation deciding not to make a formal takeover proposal for the embattled Western Australian gold miner.
Navigator announced earlier this month that it had received a non-binding takeover proposal from an unnamed company, which was later revealed to be LionGold.
But today Navigator said it had been notified by LionGold that the suitor would not make a formal takeover bid.
The company said its focus would continue to be on its previously announced $16 million rights issue, which it first discussed in late July.
Terms of the issue, which is highly-dilutive and understood to be a last-ditch effort to stave off collapse are 7.2 shares for each Navigator share held, priced at 0.1 cents per share.
Navigator’s stock last traded at 0.2 cents.
By Dan Wilkie
