The major shareholder in Octagonal Resources is planning to privatise the company after concluding there is no value in its ASX listing, and has proposed a capital reduction that ties in Andrew Forrest-backed A1 Consolidated Gold.
The board at Balamara Resources took drastic action last week in light of the dramatic fall in the company's share price during the past 12 months, with managing director Mike Ralston announcing the intention to de-list from the ASX.
Balamara Resources has announced plans to delist from the Australian Securities Exchange after citing the high cost of maintaining its listing and an inability to raise new capital.
Subiaco-based Balamara Resources has secured listed West Perth phosphate company Minemakers and Indian fertiliser producer Deepak Fertilisers and Petrochemicals Corporation as strategic partners in
Subiaco-based Sultan Corporation Ltd has raised $2.4 million through a placement to help fund an exploration program for its zinc-copper deposit, as well as announcing a share placement plan for existing shareholders.
