Resource Star (ASX: RSL) has announced that it will not proceed with the acquisition of a strategic interest in the TSX-V listed Cue Resources (CVE: CUE) from Red Rock Resources plc (LON: RRR) and Regency Mines plc (LON: RGM) at this time.
The conditional agreement to acquire the strategic interest was announced to the ASX on 4 May 2011.
Since the conditional transaction was announced, Resource Star has been in discussions with Red Rock and Regency Mines to finalise the transaction.
However, Resource Star said that the parties have now agreed that the movement in equity market prices since the initial agreement and the continuing uncertainty in global markets mean that proceeding at this time would not be in the interests in any of the companies' shareholders.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21090/resource-star-not-proceeding-with-acquisition-interest-of-toronto-listed-cue-resources-21090.html
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