The share price of both ASX-listed Focus Minerals and Horizon Minerals faltered on Friday on news that the A$55-million sale of the Coolgardie gold project, in Western Australia, was unlikely to proceed.
Horizon in February this year entered into an exclusivity agreement with Focus to acquire the Coolgardie project for A$40-million, however, this offer price was increased to A$55-million, comprising A$43-million in cash and a further A$12-million worth of shares in Horizon, after a competing bid emerged.