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Major shareholder bids for Strategic Minerals

19th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold explorer Strategic Minerals Corporation has advised its shareholders to hold off on taking any action around a takeover offer received from controlling shareholder QGold Resources.

QGold, which holds a 51.75% shareholding in Strategic Minerals, has offered the 3.5c in cash to acquire the remaining shareholding in the company.

The offer was a 25% premium to Strategic Minerals’ last closing price, and a 27.3% premium on the 90-day volume-weighted average price of the company’s shares.

The on-market takeover offer would open on July 3 and would close on August 22, unless extended.

Strategic Minerals’ core objective is to become a gold producer through the development of its epithermal and mesothermal gold resources established at its Woolgar project. The project is located 120 km north of Richmond, in central North Queensland.

Edited by Creamer Media Reporter

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