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Norton Gold Fields makes conditional increase in offer for Bullabulling Gold

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Norton Gold Fields (ASX:NGF) has conditionally increased its takeover offer for Bullabulling Gold (ASX:BAB, LON:BGL) to 8c per share from 7c.

The new offer will kick in if Chinese-owned Norton obtains a relevant interest in 30% or more by close of trading on June 30, otherwise the original 7c will continue to apply.

Norton said it will not increase the offer price any further. It currently has a relevant interest of about 16% in Bullabulling.

The directors of Bullabulling repeatedly rejected the initial 7c offer, which they said was well below the true worth of its flagship gold project in Western Australia.

In a statement in May, the company said: “The board is confident that, after the infill drilling programme has been completed, the majority of the current resource will be converted to a substantial maiden mining reserve.”

Norton also extended the closing date for its offer to 16 July.

 

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