Doray starts compulsory acquisition of outstanding Mutiny shares
PERTH (miningweekly.com) – Gold miner Doray Minerals on Thursday announced that it would start with the compulsory acquisition of the remaining shares in fellow-listed Mutiny Gold.
In October, Doray launched a takeover offer for Mutiny, offering that company’s shareholders one of its own shares for every 9.5 Mutiny shares held, valuing Mutiny shares at 5.4c each.
The offer was declared unconditional in January.
Doray said on Thursday that the company had secured a relevant interest of 90.67% in Mutiny, and acquired 95.17% of the takeover target’s listed options, as such triggering the compulsory acquisition clause.
The process was likely to take between four to six weeks to complete, the gold miner said.
Mutiny shareholders who have not yet accepted the offer had until the end of business on February 13 to do so.
Meanwhile, Mutiny confirmed that its last day of both share and listed option trading on the ASX would be February 11, after which time trading would be suspended and security holders would be unable to sell their Mutiny shares or listed options on the market.
The combined company would have a mineral resource base of more than one-million ounces of gold, grading 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 own producing Andy Well mine, in the northern Murchison district, and Mutiny’s Deflector project, in the southern Murchison district.
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