Griffin Mining (AIM: GFM), the Chinese based zinc producer, said that it would not increase its offer for Yukon Zinc Corp.
Griffin had agreed an all share deal to acquire Yukon Zinc, but Northwest Non Ferrous International Investment Co and Jinduicheng Molybdenum Group made an all cash counter offer of 22 cents per share. Griffin Mining's offer valued Yukon Zinc at approximately 19 cents.
Yukon Zinc will pay a break fee of C$2.5 million to Griffin Mining upon accepting the competing offer.