JOHANNESBURG (miningweekly.com) – The shares of Unity Mining were suspended from trading on the ASX at the close of market on Thursday, after the Supreme Court of Victoria approved Diversified Minerals’ takeover of the gold company.
Unity shareholders would receive 3.3c cash for each share that they own, comprising 2.3c by way of scheme consideration and 1c by way of capital return.
Unity initiated an internal assessment of its strategy in the second half of 2015, after it ceased production at the Henty gold mine, in Tasmania, and decided not to proceed with a cyanide processing plant at the Dargues gold project, in New South Wales.
In December, the company announced that Diversified Minerals had offered to buy the remaining 86.31% of Unity that it did not already own. The companies revised the terms of the transaction in April, with Diversified Minerals increasing the scheme consideration.