PERTH (miningweekly.com) – Gold miner Gold Road Resources has secured a majority interest in takeover target DGO Gold, after raising its offer earlier this week.
Gold Road this week increased its takeover offer for fellow listed DGO from 2.16 Gold Road shares to 2.25 Gold Road shares for every DGO share held, and has extended the takeover period until the end of June.
Gold Road on Friday said that its interest in DGO had now increased from 35.94% as of the end of May, to 53.75%, with 24.4% of the company’s shares under acceptance instructions.
DGO owns a portfolio of strategic investments in ASX-listed companies De Grey Mining, Dacian Gold and Yandal Resources, as well as a portfolio of exploration tenements in the Pilbara, Yilgarn, Bryah and Stuart Shelf provinces.
Gold Road has previously told shareholders that the acquisition of DGO aligned with the company’s strategy to invest in high-quality gold projects in tier-one jurisdictions.