11th Oct 2013 07:53
LONDON (Alliance News) - LionGold Corporation Limited Friday said its ongoing discussions over a proposed possible takeover of Minera IRL Limited have ended.
On October 4, Minera, an AIM-listed precious metals mining and exploration company with operations in Latin America, said that it was in discussions with Singapore-based LionGold for it to subscribe for up to USD10 million of the share capital in Minera over two tranches, which it hoped would lead to a full offer being made for Minera in time.
On Friday, LionGold said that due to the current volatility in the company's share price, which fell by over 11% Thursday, it has ceased all negotiations and discussions over the placement and possible offer.
LionGold said that it reserves the right to announce any offers for Minera within the next six months if there is a material change of circumstances.
Minera shares were down 7.1% to 13.00 pence, putting it in the top ten Aim losers in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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