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Doray declares Mutiny offer unconditional

15th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed gold miner Doray Minerals has declared its takeover offer for fellow-listed Mutiny Gold free of any conditions.

Doray on Thursday also said that Mutiny shareholders and listed option holders which have accepted the offer before the transaction was declared unconditional, would be issued their consideration by January 22.

In October last 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.

The directors of Mutiny unanimously recommended that shareholders accept the offer.

Once Doray has acquired a relevant interest of more than 90% of Mutiny’s shares, the company would proceed with a compulsory acquisition of any outstanding shares and listed options.

The takeover offer was currently scheduled to close on January 23.

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.

Edited by Creamer Media Reporter

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