Doray Minerals (ASX:DRM) has received acceptances for 78.37% of...

Doray Minerals (ASX:DRM) has received acceptances for 78.37% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 540,675,578 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.057, with Doray at $0.59.

Doray has also received acceptances for 73,276,158, or 86.6% of Mutiny’s listed options.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.