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Article: AUSTRALIA'S MOUNT GIBSON SAYS AZTEC BID REMAINS IN PLACE.
- Article from:
- AsiaPulse News
- Article date:
- October 25, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PERTH, Oct 25 Asia Pulse - Mount Gibson Iron Ltd (ASX:MGR) says its takeover bid for Aztec Resources Ltd (ASX:AZR) remains in place despite concerns about Aztec's future and ability to finance its Koolan Island project in Western Australia.
The concerns arose after Aztec reported the banking syndicate behind a $A100 million ($US75.64 million) debt facility for its project would not go ahead unless a royalty and clawback rights held by a third party, Australian Royalties Commission (ARC), were extinguished.
Yesterday, Aztec issued ARC 77.78 million shares at 22.5 cents each to terminate the royalty and clawback right.
"I think everyone is holding ...