PERTH (miningweekly.com) – Takeover target Gryphon Minerals has gone into a trading halt after the Federal Court of Australia approved a takeover offer from dual-listed Teranga Gold Corporation.
Teranga in June made a play for Gryphon, offering Gryphon shareholders 0.169 common shares of Teranga, or 0.169 Teranga shares in the form of ASX-listed CHESS depository interests for each Gryphon share held.
The acquisition of Gryphon would position Teranga, which owned and operated the Sabodala gold mine, in Senegal, to grow its production by 50% to between 275 000 oz/y and 325 000 oz/y by mid-2019.
Gryphon is expected to delist from the ASX once the transaction has been completed.