Sign up Australia
Proactive Investors - Run By Investors For Investors

Minotaur Exploration to acquire Breakaway Resources in share offer

Minotaur Exploration to acquire Breakaway Resources in share offer

Minotaur Exploration (ASX: MEP) and Breakaway Resources (ASX: BRW) have announced a binding agreement under which Minotaur will acquire all of the issued shares in Breakaway by way of an off-market agreed takeover offer.

Breakaway shareholders will receive one (1) new Minotaur share for every ten (10) Breakaway shares held. Based on Minotaur’s 30-day volume weighted average price (VWAP) of $0.124, the offer values Breakaway at $5.4 million or $0.0124 cents per share.

Breakaway is trading at $0.012 today.

The transaction has been unanimously recommended by the Breakaway board of directors in the absence of a superior offer.

The merged group will have a pro-forma market capitalisation of approximately $19 million and a strong balance sheet with cash and listed investments of approximately $10 million (using cash balances as at 30 June) and no debt.

Minotaur will look to start work in October on the Leinster project in WA and Eloise in Queensland if the takeover is approved.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

View full MEP profile View Profile

Minotaur Exploration Ltd Timeline

Related Articles

Picture of drill rig
May 03 2018
The Strickland project covers over 100 strike kilometres of greenstone belts and straddles the Evanston and Yuinmery Shear Zones.
1536656362_Tshipi.jpg
September 17 2018
Cash is about to start flowing into Red Rock's coffers on a significant scale
miners
February 06 2018
Coro Mining is on the move in Chile, with feasibility work nearing completion and new ground to work on

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use