Photo by: Bloombeg
PERTH (miningweekly.com) – The share price of ASX-listed junior Echo Resources increased by nearly 16.5% on Thursday, after the company announced that it had received an indicative, nonbinding takeover offer of 15c a share in cash.
The company noted that the third-party proposal was conditional and subject to the completion of a due diligence.
Chairperson Mathew Longworth said the board would consider and evaluate the proposal and any resulting takeover offer, but had asked shareholders not to take any action at this time.
Echo was exploring for gold, copper and nickel deposits in Western Australia and Queensland and currently owned the Julius gold discovery in the Yandal gold province.
The junior’s shares were trading at a high of 9.5c a share on Thursday, up from a low of 7.9c a share on Wednesday.