Coppermoly (ASX:COY) has received a binding, all cash offer for its West New Britain Project exploration licences in Papua New Guinea.
A private equity group has offered A$13 million for the liceses: 1043 – Nakru, 1077 – Simuku and 1445 – Talelumas.
The amount and the terms of the binding offer were required, by the party making the offer, to be kept confidential.
Maurice Gannon, the managing director of Coppermoly said that the board of Coppermoly had decided the offer was not in the best interests of Coppermoly shareholders.
The board said it was actively pursuing a number of options for the ongoing exploration and, where feasible, future development of, the company’s mineral assets.
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