PERTH (miningweekly.com) – The directors of takeover target Azumah Resources have urged the remaining shareholders to accept a takeover offer from suitor Ibaera Capital before the offer closed on December 17.
Ibaera, which currently holds an 84% stake in Azumah, was offering shareholders 3.3c a share in cash for their interest in the junior gold developer.
Azumah has urged shareholder to accept the offer, warning that once the offer closed, there could be a significant reduction in the ability of the remaining shareholders to trade on market, and if Azumah were delisted from the ASX, there would be no readily available market through which to trade the company’s shares.
Ibaera has meanwhile informed Azumah that it has hired Peder Olsen to oversee the construction of the Wa gold project, in Ghana. Olsen was previously the senior VP of project, mining and technical services for gold miner Endeavour Mining, and led the construction of the $425-million Ity mine, in Cote d’Ivoire.