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