(Alliance News) - Shares in Arkle Resources PLC sunk on Tuesday after it confirmed that a potential reverse takeover of the group was not taking place.
Arkle shares were down 19% at 0.89 pence each on Tuesday afternoon.
This comes after the gold and zinc explorer shares surged on Monday, ending 8.7% higher, after rumours about a potential reverse takeover of Arkle by a Mongolian mining organisation.
Arkle confirmed Tuesday that a potential reverse takeover of the 162 group of companies, including Arkle Resources, by a Mongolian mining organisation would not be going ahead.
It said it had been approached about assisting with the financing of a "mining project by an intermediary but have since declined to progress matters and there are no discussions regarding a reverse takeover taking place."
Arkle Resources shares have dropped 27% so far in 2021.
By Will Paige; willpaige@alliancenews.com
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Arkle Res (ARK)