Australian gold producer Norton Gold Fields Limited (ASX:NGF)
has secured more than 90 per cent of Perth-based Bullabulling Gold Limited (ASX:BAB, LON:BGL).
Norton Gold launched a $24 million off-market bid for Bullabulling in April and says it will now proceed with the compulsory acquisition of the remaining shares.
CEO Dianmin Chen says Norton Gold is extremely pleased with the outcome and the addition of mineral resources will add significantly to the company’s total mineral resources inventory.
Norton Gold has earlier stated it has the financial capacity and management experience to advance Bullabulling's main asset in Western Australia to production quickly and cost effectively.
Norton Gold Fields reported a net profit of $2.4 million in the first half of the 2014 calendar year.