Miner Inmet to make all-cash offer for Petaquilla.
Petaquilla Copper Ltd., through its wholly-owned subsidiary Georecursos Internacional, S.A., owns 52% of Minera Petaquilla. Minnova (Panama) Inc. ("Minnova"), a wholly-owned subsidiary of Inmet Mining Corporation ("Inmet"), owns the remaining 48% of Minera Petaquilla, a company formed during 1997 to own the Ley Petaquilla mineral concession in Panama.
Petaquilla has fully diluted 176m shares. The offer price is cash $2. The last traded price is $0.96.
The project area covers 795 km2 and contains a massive porphyry deposit, which hosts 1.461 billion tonnes of mineralization grading 0.493% copper, 0.015% molybdenite, and 0.11 g/t gold.
Petaquilla's net is about 760mt of that which is about the similar size of the deposit what PMH has got although its grade is a bit more attractive.
Folks, The takeover value is C$350m. About 8 times the market capital of PMH.
If PMH can be valued at the 50% of value of the takeover, PMH should be worth $1+.
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Miner Inmet to make all-cash offer for Petaquilla. Petaquilla...
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