Shanta Gold, Helio in dispute over termination of arrangement agreement

TSX-V-listed Helio Resource Corp has rejected Aim-listed Shanta Gold’s termination of an arrangement agreement with Helio and says it will “vigorously” enforce its rights under the agreement. Shanta in June agreed to buy Helio in a £3.5-million all-scrip deal that would have given it control of Helio’s assets adjacent to its own New Luika mine, in Tanzania. However, in August, the company announced that it would terminate the agreement owing to the potential impact on Helio of new mining legislation in Tanzania.