News: Lemur Resources to be compulsorily acquired by Bushveld Minerals

Lemur Resources (ASX:LMR) will be compulsorily acquired by Bushveld Minerals (AIM:BMN), which secured a relevant interest in 94.84% of LMR through its takeover offer that closed yesterday.

The cash offer of $0.06 per LMR share priced Lemur at $10.88 million, a 7.52% premium to Lemur’s 30-day volume weighted average price to 19th May 2015.

Bushveld plans to review Lemur’s operations, which include the Imaloto Coal Project in Madagascar as well as the early stage Sakaraha and Ianapera coal projects.

A Scoping Study for a 1.5 million tonne per annum development at Imaloto had estimated NPV at US$36 million with a Phase 1 capital expenditure of US$12 million.