SINGAPORE (Reuters) - Shares in Singapore-listed Liongold Corp tumbled 60 per cent as trading resumed after the company disclosed that it was in an advanced stage of negotiations with Minera IRL on a possible offer for the Latin American gold miner.
"The company wishes to confirm that the target is Minera IRL," Liongold said in a statement on Monday.
On Friday, Minera said Liongold was in advanced discussions to buy the small Latin American miner.
Liongold also cited Minera as saying both companies were in discussions regarding a potential private placement under which Liongold would take on up to US$10 million (S$12.5 million) of Minera share capital.
The Singapore Exchange halted trading of Liongold shares on Friday.