Doray Minerals (ASX:DRM) has now moved to 37.9% of takeover target Mutiny Gold (ASX:MYG).
Mutiny's board unanimously recommended the offer in a target statement.
Doray is acquiring all of the shares of Mutiny on the basis of one Doray share for every 9.5 Mutiny shares.
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 $0.027.
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 AuEq.
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