Cashed up but with a moribund nickel project, Heron Resources yesterday took its bid for a 19.9 per cent stake worth $1.88 million in copper explorer Golden Cross Resources to shareholders.
Heron's move came after weeks of talks between it and Golden Cross about an equity deal. Golden Cross' focus is the Copper Hill project in NSW, near where Heron holds tenements.
Heron yesterday urged Golden Cross shareholders to lobby their board for support of Heron's plan to take a placement of 375.9 million shares at 0.5ï¿½, and be granted one board seat. Golden Cross closed up 0.1ï¿½ at 0.4ï¿½.
Golden Cross said yesterday it would consider Heron's proposal.