Australia-based miner Sundance Resources has announced that Hanlong Mining, a subsidiary of Sichuang Province-based Chinese industrial conglomerate Sichuan Hanlong (Group) Co., has secured funding up to $1.02 billion for its takeover of Sundance.
Sundance also confirmed that it has extended the deadline for the completion of the takeover to January 11, 2013 from December 31, 2012.
As SteelOrbis previously reported, according to a revised takeover offer, Hanlong will pay A$0.45 per share compared to A$0.57 per share in the original agreement signed in October 2011.