Nyota Minerals shares suspended amid possible reverse takeover

3rd Oct 2013 14:19

Shares in Nyota Minerals soared before being suspended as the company confirmed that a reverse takeover of the gold explorer was a possibility.The company is strapped for cash and has been looking for funding opportunities so that it can develop its flagship Tulu Kapi project in Ethiopia. It said it was in talks with "more than one party" concerning an injection of capital and admitted a reverse takeover was one possible outcome.It said it had therefore requested the temporary suspension of trading on Aim. The shares will remain suspended until some clarity on the type of deal it is looking to strike can be given. It comes hot on the heels of the suspension of its shares on the Australian Securities Exchange earlier this week because the funding talks weren't advanced enough to allow the publication of the company's 2013 financial statements.On September 19th Nyota said it had enough cash to fund corporate overheads until the end of October. At the same time, it rejected calls from major shareholder Centamin for the removal of Chief Executive Richard Chase.Shares in Nyota were suspended at 1.55p after rising 47.6% from the open. TB