Hanlong misses Sundance deadline
PERTH (miningweekly.com) – The proposed A$1.38-billion takeover of ASX-listed Sundance Resources has found itself on shaky ground after China’s Hanlong Mining gave the Africa-focused iron-ore developer notice that it would miss an important deadline.
Hanlong has been struggling to secure a credit-approved term sheet, which was one of the conditions under the proposed scheme implementation agreement.
The firm on Tuesday gave Sundance formal notice that it would not be able to deliver the credit-approved term sheet by the March 26 deadline.
Sundance told shareholders that the two firms were now required to enter into a five-day good faith consultation period, which would conclude on April 3. If the parties failed to reach an agreement during that period, the scheme implementation agreement could be terminated.
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