PERTH (miningweekly.com) – Suitor Catalyst Metals has extended its takeover offer period for fellow-listed Vango Minerals until March 6.
Under the A$66-million takeover offer, Vango shareholders will receive 5 Catalyst shares for every 115 Vango shares held. The offer implies a value of 5.2c to each Vango share held, representing a premium of 19.1% to the company’s last closing price and a 30.2% premium to its five-day volume weighted average share price.
Catalyst currently holds a 71.44% interest in Vango.
Catalyst previously said that the takeover offer was consistent with the company’s strategy to control high-grade gold belts in Australia, with Vango’s highly prospective Marymia gold project having more than 40 km of under-explored strike along the world-class Marymia-Plutonic gold belt in Western Australia.
Vango’s tenements host an existing resource of one-million ounces at 3.3 g/t and are located immediately adjacent to the Plutonic gold mine, which is an operating mine with a resource of six-million ounces, reserve of 600 000 oz and three-million-tonne-a-year carbon-in-leach processing plant.