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NORTON Gold Fields Limited (ASX:NGF) has announced plans to take over Perth-based Bullabulling Gold Limited, with a cash offer of seven cents per share.
The gold producer launched the off-market offer on April 17, providing Bullabulling shareholders with a premium of 30 per cent on the closing price of $0.054 per unit.
“Norton’s cash offer of seven cents per Bullabulling share represents a substantial premium to the prices at which Bullabulling shares have generally traded in the market over the past year and with the offer being subject to only minimal conditions, we believe it should be seen as highly attractive to Bullabulling shareholders.
Chen says the proposed takeover will improve the growing company’s funding challenges.
NGF estimates that more than $300 million in capital is required to bring the Bullabulling Gold Project into production.
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