(MENAFN- ProactiveInvestors)
() has received acceptances for more than 53.2% of takeover target ().
All Mutiny directors have now accepted the offer of one Doray share for every 9.5 Mutiny shares.
They also continue to unanimously recommend the offer in the absence of a superior proposal.
In late October when the deal was announced this valued Mutiny shares at $0.054 or an enterprise value of $44 million.
Mutiny last traded at $0.034 with Doray at $0.36.
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 160000 gold equivalent.
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