Lifebrandz terminates planned reverse takeover of mining firm

Singapore

FINANCIALLY beleaguered Lifebrandz Ltd has terminated a proposed reverse takeover of an industrial-grade garnet mining company in Inner Mongolia in favour of another deal.

In an exchange filing on Friday evening, the former nightlife entertainment behemoth said that the term sheet has been terminated by mutual agreement by both parties, but did not disclose the reason.

Catalist-listed Lifebrandz said in late October that it would try to buy Three Crystals Hong Kong Limited for S$70 million in shares. Three Crystals is the sole shareholder of Inner Mongolia Three Crystals Trading Co Ltd, which partly owns a company that explo…