MARKETS

Norwest not funded for wells if MinRes TO falls over: chair

NORWEST Energy shares are up this morning trading above the value implied by the all-scrip takeover offer launched by mining giant Mineral Resources some months ago; however, if the deal falls over the junior can no longer meet cash calls for this and next year's Perth Basin drilling program.

Helen Clark

Norwest not funded for wells if MinRes TO falls over: chair

The junior has accrued "significant" transaction costs associated with the takeover offer and now has only $8.9 million in cash. By the end of last week MinRes had acquired 80% of Norwest shares,...

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