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Dampier buys WA precious- and base-metals project

Dampier buys WA precious- and base-metals project

Photo by Bloomberg

6th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Takeover target Dampier Gold on Friday informed shareholders that it was on the cusp of acquiring a mineral project in Western Australia, prospective for gold, nickel, platinum-group elements and copper.

If negotiations with the owners of the 20 000 ha tenement proved positive, Dampier would acquire the project for a combination of cash and shares, and would spend between A$200 000 and A$400 000 on initial exploration.

The transaction would be subject to a successful due diligence, as well as regulatory and shareholder approval.

Dampier pointed out that the proposed transaction triggered a defeating condition to the off-market takeover bid launched by fellow-listed Ord River Resources.

In April, Ord River launched a takeover offer for Dampier Gold, offering the shareholders of that company six of its own shares and 0.5c in cash, for each Dampier share held.

Dampier told shareholders that the company’s directors had carefully considered the proposed acquisition in light of the takeover offer, and after due consideration had decided that the acquisition was in the best interest of shareholders.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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