Sundance issues Hanlong ultimatum

Sundance Resources has given Hanlong Mining until Monday to stump up a $5 million payment due under the companies' stalled takeover agreement.

Sundance announced today it had issued a demand notice to Hanlong after it did not receive the funds yesterday, after providing Hanlong with a five business day lifeline to produce the payment after the suitor missed the March 26 deadline.

The company said it had met with Hanlong representatives but the negotiations remained incomplete and confidential.

Sundance said it expected its shares to remain in voluntary suspension until a decision was made on whether to terminate the takeover agreement.

The stock last traded at 21 cents.