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Noble accepts $85m Resolute financing

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PERTH, Nov 8 AAP

November 08 2012, 12:53AM

Noble Mineral Resources has accepted an $85 million financing offer from Resolute Mining.

The agreement means Resolute will acquire almost 20 per cent of the minerals explorer through share sale agreements.

Resolute chief executive Peter Sullivan said Noble had recognised the benefits of Resolute's financing proposal and accepted it.

"We look forward to working efficiently with Noble and its advisers to implement the proposal and maximise the performance of the Bibiani asset, for the benefit of all security holders," Mr Sullivan said in a statement.

The financing will assist Noble in its ramp-up of its Bibiani gold project in Ghana.

Resolute Mining shares rose two cents higher to $1.93, while Noble shares increased one cent to 13.5 cents at 1245 AEDT.