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Carawine rejects QGold bid

8th March 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The board of junior takeover target Carawine Resources has urged shareholders to reject an unsolicited on-market takeover offer from QGold.

QGold in February flagged an on-market offer for Carawine, offering 21c a share for each Carawine share held.

Carawine on Tuesday told shareholders that the offer price undervalued Carawine shares and failed to recognise the full underlying potential value of the company’s portfolio of projects, and represented only a 12.3% premium to Carawine’s three-month volume weighted average share price.

Carawine currently has an interest in five gold, copper and base metals exploration projects.

QGold’s offer is currently scheduled to close on April 22 unless extended or withdrawn.

Edited by Creamer Media Reporter

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