Help Desk -
9958816305, 9810335381

Doray Minerals update on Andy Well & Gnaweeda divestment to Westgold Resources

Mining News - Published on Wed, 06 Mar 2019

Image Source:
Doray Minerals Limited announced that a binding Term Sheet to divest the Andy Well and Gnaweeda Gold Projects to Westgold Resources Ltd has been terminated as a consequence of the conditions not being satisfied or waived by the agreed end date. Doray is proposing to undertake a merger with Silver Lake Resources Limited by way of a share scheme of arrangement and an option scheme of arrangement. Completion of the divestment of the Gold Projects is not a condition precedent of the Schemes and does not affect the terms and conditions of the Schemes.

The Doray Board of Directors continues to unanimously recommend that Doray shareholders and optionholders vote in favour of the Schemes, subject to no superior proposal emerging and the Independent Expert continuing to conclude that the Schemes are in the best interests of Doray shareholders and optionholders. It Is anticipated that options for the Gold Projects will be re-evaluated following the implementation of the Scheme, with a view to delivering an outcome that is in the best interests of all shareholders of the merged group.

Source :

Posted By : Rabi Wangkhem on Wed, 06 Mar 2019
Related News from Mining segment