Adriatic Metals enters trading halt ahead of 'potential' transaction
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The news: Critical minerals and gold producer Adriatic Metals has entered a trading halt, pending an announcement over a "potential corporate transaction".
It comes around one month after the company confirmed it was in talks with Canadian miner Dundee Precious Metals for a potential buyout.
The numbers: In May, Sky News UK reported that Toronto-listed Dundee Precious Metals was in early-stage discussions with London- and ASX-listed Adriatic Metals, in a deal speculated to be worth more than £700 million ($935 million).
The company has a market capitalisation of $1.72 billion after shares were sent soaring on the potential acquisition. Adriatic’s share price on the ASX is up 26.9% over the last month.
Adriatic shares last closed on the ASX at $5 and at £2.41 ($5.04) on the London Stock Exchange.
The context: The trading halt will remain in place until 16 June or after the announcement is made.
