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Minotaur Exploration to reveal acquisition

Minotaur Exploration to reveal acquisition

Minotaur Exploration (ASX: MEP) is in pre-open this morning following the ASX granting the company a trading halt, pending an acquisition announcement.

It has been rumoured that Minotaur and Breakaway Resources (ASX: BRW) will merge. Earlier in the year Breakaway divested its Kalgoorlie based project to Minotaur for $600,000 in cash.

With the difficult market conditions to raise capital, it is expected there will be continued rationalisation in the small-mid cap. mining sector as companies look to save costs and form synergies.

Minotaur also secured a cornerstone investment last month at a significant premium to a private equity company, which includes an immediate cash injection of $1.05 million into Minotaur.

The deal provided Minotaur with a diverse funding channel through which to accelerate exploration activities within the Cloncurry district of Queensland, with the company estimating it will hold cash reserves of $8.5 million at the end of June 2013, which would include this placement.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 11th July 2013.


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