27th Feb 2014 13:48
LONDON (Alliance News) - Nova Resources Ltd Thursday said it has agreed to acquire warrants over 34 million shares in Tricor PLC at an exercise price of 0.5 pence to be exercised by December 31, 2017.
The energy company investor said the warrants were acquired for a total consideration of GBP2 million and made the investment decision following an observation period.
Tricor has iron sand operations in the Philippines and Nova said it believed its operations offer high growth potential when it decides to exercise the warrants.
Nova Resources shares were down 2.9% to 2.38 pence, while Tricor shares were down 14.3% to 4.50 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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Related Shares:
NOVA.LTricor