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Doray completes Mutiny buy

Doray completes Mutiny buy

Photo by Reuters

12th March 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Doray Minerals on Thursday completed the acquisition of the remaining ordinary shares in takeover target Mutiny Gold, gaining full control of the company.

Doray in October last year launched a takeover offer for Mutiny, offering that company’s shareholders one of its shares for every 9.5 Mutiny shares held, valuing the takeover target's shares at 5.4c each.

At the start of February, Doray initiated the compulsory acquisition of the remaining shares in Mutiny after gaining a majority stake in the miner.

The combined company would have a mineral resource base of more than one-million ounces of gold, grading at 7.7 g/t gold, and 27 000 t of copper, grading at 0.9%.

The combined group would also have operational flexibility from two high-grade production centres – Doray’s producing Andy Well mine, in the northern Murchison district, and Mutiny’s Deflector project, in the southern Murchison district.

Edited by Creamer Media Reporter

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