News: Offer for Bullabulling Gold raised as Norton Gold's interest passes 41%

Norton Gold Fields (ASX:NGF) has increased its relevant interest in Bullabulling Gold (ASX:BAB, LON:BGL) to 41.4%, triggering the condition for the price of its takeover bid to be raised to 8c (4.4p) per  share.

Norton, which is majority-owned by Chinese mining firm Zijin, had made a 30% relevant interest by the end of June a condition of raising its offer from 7c per share.

Directors of Aussie gold miner Bullabulling have so far rejected Norton’s advances, claiming that the offer undervalues the potential of its Western Australia development.

Norton has confirmed that there will be no further increase to the offer, they added.

Bullabulling shares rose 8% in London today to 4.2p.