Norton Gold Fields’ (ASX:NGF) stake in Bullabulling Gold (ASX:BAB, LON:BGL) has risen to just short of 75%, with its takeover offer now set to close date on 18 August.
Bullabulling’s board recommended the 8c per share offer once acceptances went past the 40% mark since when managing director Brett Lambert has departed.
Over the three months to June, Bullabulling worked on engineering and evaluation studies in support of a definitive feasibility study for the planned 7.5Mtpa open pit.
Bullabulling had A$2.06mln at the end of June, with an additional R&D development tax repayment of $525,000 also on the way.
Norton is majority-owned by Chinese miner Zijin.
