Monarch, Pure Energy in trading halt

Shares in Perth-based resource companies Monarch Gold Mining Company Ltd and Pure Energy Resources Ltd have been placed in a trading halt.

Monarch plans to release an announcement regarding the finalisation of re-negotiations with Harmony Gold (Australia) Pty Ltd over the purchase of the Mt Magnet gold project.

Earlier this week, the company said it still wanted to proceed with the purchase of Mt Magnet however it was endeavouring to defer settlement for a period of time. The miner also suspended mining activities at its Davyhurst gold operation due to continued underperformance.

Meanwhile Pure Energy said the trading halt was related a proposed capital raising.