Doray Minerals eyes 90% of Mutiny Gold

2015-01-27 12:38:56

(MENAFN- ProactiveInvestors)

Doray Minerals (ASX:DRM) has received acceptances for 88.15% of takeover target Mutiny Gold (ASX:MYG).

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 $0.05 with Doray at $0.49.

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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