News: Dart Mining receives takeover offer

Dart Mining (ASX:DTM) has received an indicative and incomplete non-binding takeover offer valuing the company at $0.065 per share, or about $13.46 million.

This is more than double the company’s current share price of $0.031.

The offer consists of $0.035 in cash and one share in a Marshall Islands registered company for every 12 Dart shares.

Should all Dart shares be acquire, Dart’s shareholders will hold 20% in the bidder company.

The proposed bidder has stated that it has cash resources and mineral exploration and development skills. It plans to list on the London Stock Exchange’s AIM.

Dart said that while it will endeavour to more fully understand the proposed bidder’s intentions and capability, it noted the nominated price in the proposed offer is considerably below the Board's valuation of the company, including the Unicorn Molybdenum Project in Victoria.

It had last month started an extensive spring survey of the flora, fauna and aquatic habitats of the Unicorn Project area to meet Environmental Effects Statement and EPBC approvals.

Unicorn has a current JORC Resource of 203 million tonnes grading 355ppm Molybdenum, 480ppm copper and 3.7ppm silver.

Dart had $3.58 million in cash and cash equivalents as at 30 June 2014.

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