Minotaur makes play for final Breakaway shares
PERTH (miningweekly.com) – ASX-listed Minotaur Exploration will proceed with the compulsory acquisition of the remaining shares in fellow-listed Breakaway Resources, after its off-market takeover closed with a 91% acceptance.
Minotaur launched its off-market bid for Breakaway in July, offering one if its own shares for every ten Breakaway shares held. At the time, the offer implied a value of A$5.4-million to Breakaway.
“Completing the acquisition enhances Minotaur’s strategy to position itself as a leading Australian copper/gold explorer across a ground holding of 18 000 km2 in notable Australian mineral provinces,” said Minotaur MD Andrew Woskett on Monday.
He noted that the takeover would also deliver operational synergies to Minotaur in the Cloncurry region of Queensland, and the Leinster region of Western Australia, with immediate drill targets identified and prioritised.
The enlarged Minotaur would have a market capitalisation of about A$19-million.
The completion of the takeover offer would trigger two new joint venture agreements over Breakaway’s main projects, and would provide for external exploration investment of up to A$9-million over the two tenement areas.
Breakaway would remain listed on the ASX until the compulsory acquisition of the outstanding shares.
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