SUNDANCE Resources says it is concluding talks with suitor Hanlong Mining.
The Africa-focused iron ore hopeful released a statement saying it is "concluding and documenting outcomes of its good faith consultations with Hanlong".
Under a Scheme Implementation Agreement (SIA) between the two parties, Hanlong proposed to acquire all the issued share capital of the company, Sundance said.
The company said documents would be drafted, signed and translated into Chinese by Monday April 8.
The development comes a day after Sundance said it had not received $5 million in funding, which Hanlong Mining was due to provide under a convertible note facility by April 3.
Hanlong was unable to meet Wednesday's financial deadline for the $1.3 billion takeover of Sundance.
Shares in the company are expected to remain in a trading halt until Tuesday April 9.
Investors have already priced in the likelihood of the deal falling over, with shares in Sundance last trading at 21 cents, due to Hanlong's inability to secure finance and serious leadership problems.
Sundance was placed in a trading halt on March 20.
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