(MENAFN- ProactiveInvestors)
() has received acceptances for 78.37% of takeover target ().
Shareholders with a total of 540675578 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 73276158 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 160000 gold equivalent.
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