PERTH (miningweekly.com) – ASX-listed Doray Minerals has extended the takeover offer for fellow-listed Mutiny Gold until January 23, after gaining a more than 50% shareholding in the takeover target.
In October this year, Doray launched a takeover offer for Mutiny, offering that company’s shareholders one of its own shares for every 9.5 Mutiny shares held, valuing Mutiny shares at 5.4c each.
Doray said on Monday that the company had now secured more than 341.4-million shares in Mutiny, taking its relevant interest in the takeover target to 50.34%.
The Mutiny directors have all accepted the offer in respect of their own shareholding, and have unanimously recommended that the remaining Mutiny shareholder accept the offer.
The combined company would have a mineral resource base of more than one-million ounces of gold, grading 7.7 g/t gold, as well as some 27 000 t of copper, grading at 0.9%.
The combined group would also have operational flexibility from two high-grade production centres; Doray’s own producing Andy Well mine, in the northern Murchison district, and Mutiny’s Deflector project, in the southern Murchison district.