Mutiny Gold (ASX:MYG) has now dispatched its Target Statement where the directors have recommended the Doray Minerals (ASX:DRM) bid.
Doray would look to acquire all of the shares of Mutiny on the basis of one Doray share for every 9.5 Mutiny shares.
Currently, Doray has a stake of 18.68% of Mutiny.
In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.
Mutiny closed last night at $0.029.
The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects and forecasts annualised production of around 160,000 AuEq from commissioning of the Deflector Project.
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