UPDATE: Inter-Citic Minerals in Talks For Possible Takeover of the Company; Stock Resumes Trade up 16%

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Inter-Citic Minerals Inc. (ICI.TO) said it is "in negotiations with a third party interested in acquiring all of Inter-Citic's shares." The party was not named.

Shares resumed trading at 330 pm ( ET ) and shot up 16% to $1.23. That's still well below the 52-week high of $1.68.

"The terms of a potential transaction continue to be negotiated and, other than a confidentiality agreement, no written agreement has been entered into with this party," Inter-Citic also said in a statement. "Accordingly, Inter-Citic cautions that there can be no assurance that any transaction will result from these negotiations or what the terms of such a transaction, if any, may be."

Inter-Citic Minerals is a gold exploration and development company with properties in the People's Republic of China

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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