Norton takes Phoenix stake

Gold developer Norton Gold Fields has taken a stake of 10.8 per cent in Phoenix Gold, but has clarified it has “no present intention to make a takeover offer”.

At $0.083 per share, the deal is valued at around $3.3 million.

Norton said it would purchase the shares through a special crossing executed by Argonaut Securities.

Norton closed up 4 per cent to 13 cents per share, while Phoenix was down 4.3 per cent to 9 cents per share.