25 May 2012

Serabi in merger talks

05/03/2010 Robert Tyerman

Brazil-focused gold play Serabi Mining says it is in potential merger talks with an unnamed company.

AIM-quoted Serabi, steered by chief executive Mike Hodgson, says there is no certainty the present talks will lead to a deal, but enthusiastic punters have pushed the shares up from a bombed-out low of 0.42p to 2.13p today. That compares with the 1.5p at which the London-based company raised £2.1 million in December, with backing from ex-hedge fund manager David Kingsman.

Serabi is currently concentrated on the Palito gold project in the Tapajos region of northern Brazil, where its estimated resource is 630,000 oz of gold equivalent. In January, Hodgson declared the company’s objective was to increase that to 1.5 million oz.

Floated at 30p in 2006, Serabi shares still have much ground to make up from their present level and whether the present talks will take them near remains to be seen. They are a speculation.

Tags: AIM, Commodities, Emerging markets, Mergers & acquisitions

Sector: Mining

Companies: Serabi Gold

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