Western Areas, a nickel explorer and miner, has agreed to pay between $60 million and $80 million for Lounge Lizard, according to a source close to the deal.
Hopefully it's closer to or more than $80 million.
KZL invested in total about $60 million so circa $80 would still be a nice return and go a long way to repairing the balance sheet.
It seems nobody has a clue and many are making a lot of assumptions. Some are saying 60, 80 and plus 80. There were 2-3 other bidders in January moving to round II, so I would expect that 80 or 80 plus is more realistic. We will either way the COB Monday.
KZL Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
