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Dourado Resources in takeover bid for Aurium Resources

Perth based exploration company Dourado Resources (ASX: DUO) has proposed to make an off market takeover bid for all of the Ordinary Shares in Aurium Resources (ASX: AGU), a gold and uranium exploration company.

The consideration for the proposed bid will be one cent cash and one Dourado Resources Share for every 10 Aurium Resources Fully Paid Shares, and one Dourado Resources Share for every 2,000 Aurium Resources Partly Paid Shares.

The announcement follows Dourado's stated strategy of evaluating other prospective mining projects that have the potential to contribute to the company’s growth and to seek future projects either by direct acquisition or in joint ventures.

Aurium has a diverse portfolio of exploration assets, including a number of tenements prospective for gold, copper, iron and uranium in the mid west region of Western Australia, where the majority of Dourado Resources Limited’s existing tenements are located.

Aurium also has an interest in tenements in the Northern Territory which are prospective for uranium, which have the potential to compliment the Northern Territory tenement portfolio held by Dourado Resources Limited’s wholly owned subsidiary Eclipse Uranium Ltd.

Dourado intends to make the takeover bid within two months unless "any of the “prescribed occurrences” set out in section 652C of the Corporations Act occur between the date of this announcement and the lodgement of the Bidder’s Statement."

The proposed takeover bid will be subject to the following conditions:

- At the end of the offer period, Dourado Resources having a relevant interest in at least 51% percent of the ordinary shares on issue in Aurium Resources;
- At the end of the offer period, Aurium Resources having net tangible assets of not less than $2,500,000;
- None of the “prescribed occurrences” set out in section 652C of the Corporations Act occurring during the offer period;
- Permission for admission to quotation for the Dourado Resources Shares to be issued to Aurium Resources Ltd Shareholders accepting the offer being granted by ASX no later than 7 days after the end of the offer period.

On July 8 Dourado successfully negotiated an agreement with the vendors of Abbotts Exploration Pty Ltd for 27.5% of the capital of Abbotts for the consideration of $700,000 and 13 million Fully Paid Ordinary Shares.

Abbotts owns a series of tenements and has a 40% interest in Anuman Holdings Pty Ltd. The Abbotts and Anuman tenements are in close locality with Dourado’s Sabbath-Garden Gully & Mooloogool-Diamond Well Projects in Western Australia.