- POSTED: 10 Oct 2013 16:19
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Singapore-listed gold miner LionGold Corp has ceased talks with Minera IRL over a proposed private placement and a potential takeover for the Peruvian gold miner.
SINGAPORE: Singapore-listed gold miner LionGold Corp has ceased talks with Minera IRL over a proposed private placement and a potential takeover for the Peruvian gold miner.
In a filing to the Singapore Exchange (SGX) on Thursday morning, Liongold said this was due to the current volatility in the company's share price.
LionGold saw a sharp drop in its share price in recent days, losing about S$1.2 billion in market capitalization over five days since October 3.
The gold miner was also one of three firms whose shares were suspended by the SGX on October 4.
In response to SGX queries on its share-price movements on October 4, the firm had said it was in advanced talks to buy a stake in an unnamed gold-mining company, with the move potentially leading to a complete takeover of the target company.
On October 7, LionGold revealed that the target firm was Minera IRL.