Photo by: Bloomberg
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.