Saracen revises terms for Bundarra buy

Gold miner Saracen Mineral Holdings has amended the terms of its proposed acquisition of fellow ASX-listed Bligh Resources’ Bundarra gold project, in Western Australia, after Zeta Resources last week launched a cash takeover for Bligh. Saracen was to buy Bligh’s interest in the Bundarra gold project for A$8.5-million in a share deal. However, last week Bligh shareholder Zeta launched a 3.5c-a-share all-cash takeover offer for Bligh, on the condition that the Bundarra sale did not proceed.