Private equity group Auctus Chillagoe looks set to gain control of Atherton Resources, after major shareholders said they would vote in favour of the improved $56 million offer.
Private equity groups are on track to gain control of two mining operations, after Aditya Birla Minerals sold its mothballed Mt Gordon operation, while Atherton Resources looks set to be acquired in a takeover valued at about $56 million.
Private equity group Auctus Chillagoe's proposed takeover of Mungana Goldmines looks set to be defeated, with Mungana's major shareholders announcing their intention not to accept the offer.
An independent expert's report has found private equity group Auctus Chillagoe's takeover bid for Mungana Goldmines to be both unfair and unreasonable, saying the 13.5 cents a share price was opportunistic and undervalued the business.
Two well-known mining industry executives will assume control of ASX-listed Brumby Resources in a merger they hope will establish the new company as a producer in the medium term.
Mungana Goldmines has told its shareholders to reject a 13.5 cents a share takeover offer from Auctus Chillagoe, an entity led by former Karara Mining boss Steve Murdoch, saying it undervalues the company and its assets.
Shares in resources developer Mungana Goldmines have shot up 33 per cent today after an off-market takeover proposal backed by private equity group Denham Capital.
Melbourne-based nickel explorer PLD Corporation has signed an option agreement to buy collapsed miner Kagara's Admiral Bay zinc project in the Canning Basin for a cash and shares package worth up to $7 million.
Shares in Mungana Gold Mines rose by more than 25 per cent after the company announced it would move ahead with its North Queensland zinc strategy, following shareholder support for the $15 million acquisition of the Chilagoe base metal assets from the liquidators of Kagara, originally announced in December last year.
Mineral resources company WPG will proceed to sign a formal purchase of Mungana Goldmines' Tunkillia and Tarcoola gold projects in the Gawler Craton in South Australia.
Kagara Mining's distressed asset firesale has hit a speed bump, with the purchaser of the collapsed base metals miner's remaining Queensland mines missing a deadline to pay $6 million worth of depo
Geoff Day has resigned as a director of Kagara, and as a director of its three whollyowned subsidiaries, Mungana, Kagara Copper and Einasleigh Mining. Mr Day is
Exploration company Minotaur today sold its 55 per cent controlling interest in the Tunkillia gold project in South Australia to Mungana Goldmines for $6 million in cash and shares.
Patersons Securities has retained top spot in WA Business News' annual survey of capital raisings, followed by Hartleys, Euroz Securities and Macquarie Capital Advisers.
