Africa-focused Cradle Resources has pulled the plug on a $55 million takeover by joint venture partner Tremont Investments, on the back of proposed changes to certain Tanzanian laws.
Niobium explorer Cradle Resources has recommended shareholders accept a takeover offer from joint venture partner Tremont Investments, which values the target at $55 million.
Cradle Resources has tapped the investors to raise $3.6 million, while also receiving the first $US5 million tranche of payment as part of its divestment of a 50 per cent stake in its Panda Hill niobium project in Tanzania to Tremont Investments.
