The Mutiny Gold (ASX:MYG) and Doray Minerals (ASX:DRM) planned union continues to advance, with MYG's board unanimously recommending the offer in a target statement.
The offer has DRM acquiring all of the shares of MYG, (1 DRM for 9.5 MYG shares).
Currently, Doray has a stake of 18.68% of Mutiny.
In late October when the deal was announced, this valued MYG shares at $0.054, or an enterprise value of $44 million.
MYG closed last night at $0.03.
Since DRM announced the takeover, its shares have dropped by over 40% as the price of gold has traded lower.
The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects and forecasts annualised production of around 160,000 AuEq from commissioning of the Deflector Project.
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78.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $71.56M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 13339 | 78.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
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| 80.0¢ | 75597 | 3 |
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