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Auctus increases offer for Mungana

Auctus increases offer for Mungana

Photo by Bloomberg

20th July 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Mungana Goldmines has urged its shareholders not to take any action on a takeover offer from Auctus Chillagoe, after the suitor announced an increased offer.

Auctus has told Mungana shareholders that it would increase the offer price from 13.5c a share to 17c a share, if it acquired a relevant interest of 70% or more in Mungana.

The offer would also be declared free from all other remaining conditions, apart from a small number of conditions set out in the original offer documentation.

Mungana on Monday said the board was considering the revised terms of the offer and would advise shareholders of its recommendation in due course.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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