PERTH (miningweekly.com) – ASX-listed Metalicity has extended its takeover offer period for fellow listed Nex Metals Explorations from April 14 until the end of business on May 4.
Metalicity’s offer to Nex Metals shareholders is 4.81 Metalicity ordinary shares for every Nex Metals share on issue, valuing Nex Metals equity at A$12.8-million based on Metalicity’s closing share price on September 13.
Under Metalicity’s offer, Nex Metals shareholders would own 37.5% of the enlarged entity that would hold a 100% interest in the Kookynie and Yundamindra gold projects, with improved access to capital, and an enhanced balance sheet position.
Nex Metals has urged shareholders to reject the takeover offer, saying the offer by Metalicity undervalued the company