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  2. Share Prices
  3. SolGold Share Price
  4. SolGold Share News
  5. SolGold rejects BHP share deal and Cascabel earn-in, analysts expect new offer

Pin to quick picksSolGold Share News (SOLG)

SolGold Information

Share Price Information for SolGold (SOLG)

London Stock Exchange
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Share Price: 8.99
Bid: 8.95
Ask: 9.04
Change: 0.06 (0.67%)
Spread: 0.09 (1.006%)
Open: 9.00
High: 9.10
Low: 8.88
Prev. Close: 8.93
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SolGold rejects BHP share deal and Cascabel earn-in, analysts expect new offer

Mon, 10th Oct 2016 08:41

(ShareCast News) - SolGold has rejected an offer from BHP Billiton to buy 10% of the compay for $30m (£24.2m) as well as a $275m earn-in payment for most of the AIM-listed company's share in its Cascabel project in Ecuador.BHP's proposal, which would replace the previously announced $33m financing agreed with Maxit Capital and Newcrest Mining, would include a BHP director being added to the board and require a 60-day period for it to complete due diligence if the deal is accepted.SolGold's Australia-based board, including chief executive Nick Mather who owns more than 11% of the shares, said it felt the deal was "not the best interests of SolGold and its shareholders and it is not a superior proposal" in comparison to the Maxit and Newcrest deal, partly as the BHP proposal is "highly conditional, non-binding and subject to due diligence".It added: "Most importantly, the board considers that when all of the elements of the BHP proposal are taken into account, the BHP proposal implies an attributable price paid to SolGold and in respect of the Cascabel Project that is at a significant discount to the current trading price of SolGold and the $33m financing with Maxit and Newcrest."Mather added that the Maxit-Newcrest option was preferred as it left SolGold in control of Cascabel."There is considerable upside in the additional 13 targets as well as the existing and growing Alpala deposit. We have developed the exploration models and strategies to an advanced level, we are well funded and we are intent on delivering and retaining that upside substantially, for all SolGold shareholders."Analysts at SP Angel said the interest of a second major mining company in the Cascabel project drew attention to the quality of the project and underlined the potential of the wider licence area."The BHP proposal would give SolGold less money albeit at a better price. However, the conditions attached to the BHP offer are such that BHP could effectively take control of the project for spending $275m, though this is a huge financial commitment," they said. "We await BHP Billiton's response to this initial rebuttal with interest and reckon there is a good chance BHP might return with an improved proposal."Shares in SolGold were up more than 16% to 19.31p by later afternoon on Monday.
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1 May 2018 13:07

SolGold Hires Mining Lawyer James Clare As Non-Executive Director

LONDON (Alliance News) - Resources firm SolGold PLC on Tuesday announced the appointment of James Clare as a non-executive director.Clare, it said, is a partner of Canadian law firm Bennett

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17 Apr 2018 15:30

SolGold Sees Further High-Grade Extensions At Ecuador Mine

LONDON (Alliance News) - Australian gold and copper mining company SolGold PLC said Tuesday that drilling at the Cascabel project in Ecuador encountered further high-grade extensions.The at

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20 Mar 2018 15:12

SolGold Finds High Grade Gold Mineralisation At Ecuadorian Project

LONDON (Alliance News) -SolGold PLC said Tuesday that it has identified gold mineralisation at the 100% owned Blanca Nieves Project located in northern project is owned by the

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14 Feb 2017 15:36

SolGold gets lucky at Alpala

(ShareCast News) - SolGold announced assay results from Hole 19 at the Alpala deposit, at the company's Cascabel copper-gold porphyry project in Ecuador on Tuesday. The AIM-traded firm said drill hole 19 returned a broad mineralised zone of 1132m grading 0.50% copper and 0.33 g/t gold from 268m dept

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4 Jan 2017 09:06

SolGold finds copper rich Bornite at Ecuador mine

(ShareCast News) - Shares in AIM-listed Sold Gold rose on Wednesday as the miner reported that it found copper rich Bornite at its Ecuador site. The Australian miner said it found over 800m of significant copper mineralisation from 325.6m to current depth 1161.5m at the hole 19 intersection, includi

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22 Dec 2016 16:48

SolGold drilling deeper at Cascabel

(ShareCast News) - SolGold updated the market on exploration at its Cascabel copper-gold porphyry project in Ecuador on Thursday. The AIM-traded company said drill hole CSD-16-018, is at a depth of 1829.7m, extending the rich lower portions of the Alpala deposit, and confirming the deepest mineralis

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5 Dec 2016 10:24

SolGold one of AIM's top 50 companies

(ShareCast News) - Australian gold and copper miner SolGold is to become one of the top 50 companies on AIM, the London Stock Exchange's junior market. The miner is to join the FTSE AIM 50 index, which is made up of the largest AIM companies by market capitalisation, on 12 December. Going forward,

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24 Nov 2016 10:43

SolGold Drilling At Cascabel Intersecting Strong Copper Mineralisation

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22 Sep 2016 09:11

SolGold Scraps Newcrest Investment Offer As Superior Offer Is Tabled (ALLISS)

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26 Aug 2016 09:42

SolGold placing raises $25.1m in first stage of financing

(ShareCast News) - Australian gold and copper miner SolGold confirmed its shareplacing on AIM on Friday, raising £16.1munder the first tranche of the deal negotiated with Maxit Capital. The proceeds from the capital raising will be used to continue to fund the company's exploration of its flagship C

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25 Aug 2016 15:32

SolGold aims to raise further equity after Friday's share placing

(ShareCast News) - Australian gold and copper miner SolGold's shares soared 24% on Thursday ahead of its AIM share placing on Friday, as it said demand had been strong for its two capital raising initiatives. On 8 July and with a revised offer on 1 August, the company agreed to raise capital through

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9 Aug 2016 14:57

SolGold says Ecuador is a strong exploration and mining destination

(ShareCast News) - Australian gold and copper miner SolGold said Ecuador was becoming a strong exploration and mining destination due to recent developments at other mining companies in the region. Miner Lundin Gold agreed terms on an investment protection agreement for the Fruta del Norte mining pr

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20 Jul 2016 09:11

SolGold Upgrades Cascabel Assay Results Following Laboratory Error

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12 Jul 2016 09:45

WINNERS & LOSERS SUMMARY: Positive Updates Boost Galliford And Dechra

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