News Column

Bullabulling Gold Says Norton Gold Fields Surpasses 75% Stake

August 4, 2014

Tom McIvor

LONDON (Alliance News) - Bullabulling Gold Ltd Monday said it has been provided a GBP2 million loan and reorganised its board after Norton Gold Fields Ltd reached its necessary stake to delist the company from the ASX market as part of its ongoing takeover.

The Australian gold miner's board gave up effective control of the company in July, despite continuing to say that Gold Field's AUD0.08 a share offer materially undervalued the company.

The board said in July that despite its best efforts, it had not been able to achieve a better offer for the company and noted that Norton has made it clear the AUD0.08 offer is final.

Bullabulling said on Monday that Norton now holds a 75.99% stake in the company, meaning that it has surpassed the necessary 75% level in order for Norton to seek to delist Bullabulling shares from ASX trading. It is also expected to move towards delisting the company's shares from London's AIM market.

The takeover offer is scheduled to close on August 18, and Bullabulling's shares were suspended from AIM trading at 4.21 pence on Monday, at the request of the company.

On Monday, Bullabulling said it has now received the regulatory requirements to appoint Dianmin Chen, the chief executive of Gold Fields, and Noel White, a Gold Fields non-executive director, as non-executive directors on the Bullabulling board.

As a result, Bullabulling Non-Executive Director Ronnie Beevor has now stood down, while Chairman Peter Mansell remains as a director but has given up the chair to Chen.

The company also said Norton Gold Fields has provided a loan of USD2 million to the company so that it can meet ongoing definitive feasibility costs and day-to-day working capital needs for its operations in Australia.

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Source: Alliance News

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