Shares in Centurion Resources (LON:CEN) have been suspended as the AIM-listed natural resources firm revealed it is in advanced talks over a reverse takeover.
The multi-commodity company, which has exploration and development projects in Austria, said it is discussing an acquisition which would constitute a reverse takeover under AIM rules.
On Monday, the shares spiked 43% to 0.8p each, triggering the suspension. They will remain on hold until an admission document is published by the company or an announcement that the proposed acquisition is off.
“Whilst the proposed acquisition is at an advanced stage, there can be no certainty that it will be concluded successfully,” the company cautioned.
Centurion's shares have risen 54% in the last six months to 0.8p a share, valuing the company at £1.84mln.
Its Mitterberg copper project, which spans 33 square kilometres, has strong potential to host high copper grades, the company argued in last month’s interim results. It has an exploration target of almost 12 million tonnes with a grade range of 1-1.15% copper.