UPDATE: Inter-Citic Minerals in Talks For Possible Takeover of the Company; Stock to Resume Trade at 330 pm (ET)

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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."

Shares are currently halted but will resume trading at 330 pm ( ET ). At 208 PM ET, they were up 10 cents, or 9.4%, at $1.16.

"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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