The West

LionGold abandons bid for Navigator
Navigator's Bronzewing project.

Embattled gold miner Navigator Resources says it will go ahead with a planned $16 million capital raising after Singapore-listed LionGold Corp abandoned a proposed $38 million takeover of the company.

Navigator said in a statement this morning that LionGold would not be making a formal takeover offer despite earlier this month flagging an indicative, non-binding and conditional proposal.

Navigator has been struggling to remain afloat in recent months because of operational problems at its Bronzewing gold mine.

Shares in the company have been in suspension since last month, having last changed hands at just 0.2 cents.

The West Australian

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