20/08/2012 - 13:56

LionGold backs out of Navigator takeover

20/08/2012 - 13:56

Bookmark

Save articles for future reference.
LionGold backs out of Navigator takeover

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.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options