murchison puts settlement offer to chameleon

Murchison puts settlement offer to Chameleon

Kate Emery, The West Australian
December 21, 2011, 8:34 am

Murchison Metals has tabled a settlement deal in its long running stand-off with Chameleon Mining that will allow Mitsubishi Corp's $325 million deal to take control of the Oakajee infrastructure project to go ahead.

Shares in the Tony Sage-backed Chameleon were placed into a trading halt this morning after the group received an offer from Murchison with regards to the Federal Court case, which relates to ownership of the Jack Hills iron ore project in the Mid West.

Settlement of the Chameleon claim is one of the conditions of Mitsubishi's 51¢-a-share offer to take out Murchison's share of Oakajee.

Chameleon said in its request for a trading halt that it needed time to "properly consider the offer".

http://au.news.yahoo.com/thewest/business/a/-/wa/12425445/murchison-puts-settlement-offer-to-chameleon/