Frontier Resources (ASX:FNT) has been granted an ASX trading halt regarding the joint venture to acquire an interest in the Gold Ridge Project on Guadalcanal Island in the Solomon Islands.
The halt will last until the earlier of the announcement being made or the start of trade on Tuesday, 23rd June 2015.
In May, the company said it was continuing joint venture negotiations to acquire an 80% interest in the project from GoldRidge Community Investment Limited (GCIL) in exchange for shares totalling a 19.9% stake in FNT plus further shares making up 4.98% in FNT deferred for 1 year.
The consideration includes a 20% deferred carried interest into production and repayable from 50% of future profits and a position on FNT’s board.
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