Midas expands Queensland portfolio with two acquisitions
PERTH (miningweekly.com) – Gold explorer Midas Resources has launched takeover offers for Hammer Metals and for a subsidiary of Santana Minerals, Mount Dockerell Mining (MDM), to gain more prospective ground in two major mineral provinces.
ASX-listed Hammer has the option to earn a 60% interest in the Golden Peaks project, in the Mount Morgan region of Queensland, by spending some A$4-million over a four-year period.
The company also holds eight exploration permit applications within the Mount Isa mineral province, in Queensland, over 1 300 km2, which was prospective for iron oxide/copper/gold deposits and shear-hosted copper/gold and gold deposits.
MDM holds eight granted exploration permits, one exploration application and one mineral development licence application covering some 332 km2 in the Mount Isa region.
On the completion of the two acquisitions, ASX-listed Midas would hold highly prospective ground positions with established resources, as well as significant upside, in two of Australia’s major mineral provinces, with potential for rapid organic and corporate growth.
Midas said it would make two separate takeover offers to Hammer shareholders and Hammer option holders to acquire 100% of the issued capital of the company, while it would also move to acquire 100% of MDM from Santana Minerals.
Midas would issue 2.16-billion new shares to Hammer shareholders, on a 120-for-1 basis, as well as 1.08-billion options to option holders, also on a 120-for-1 basis.
The junior would also issue Santana with 1.24-billion shares along with 800-million preference shares.
The takeover offers would be conditional upon regulatory and shareholder approval.
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