Beacon Minerals set for worst day in nearly 2 years after deal hits roadblock

Beacon Minerals

20/07/2023 03:57

** Shares of Australia's Beacon Minerals Ltd  BCN.AX  fall
as much as 12.9% to A$0.027, set for biggest intraday fall since
Oct 2021, if current trends hold
    ** Stock hits lowest level since Feb 22
    ** Gold explorer says its proposed acquisition of certain
tenements, which together form Lady Ida Project, cannot proceed
in its current form
    ** Says received instruction that consideration payable
under acquisition cannot be cash and can only consist of the
issue of restricted securities in co under ASX listing rules
    ** Board reviewing potential alternatives to acquire the
tenements contemplated under acquisition - BCN
    ** Stock has risen 10.7% this year, as of last close
 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))