Metallica lifts stake in Queensland Ores, improves funding proposal

8th May 2009

 

JOHANNESBURG (miningweekly.com) – ASX-listed Metallica Minerals had improved its funding proposal for takeover target Queensland Ores, and raised its stake in the tungsten and molybdenum producer.

The company said on Friday that it planned to waive the minimum acceptance conditions, which would have seen Metallica acquire a minimum of 90% of Queensland Ores shares on issue and would have prohibited other shareholders to hold more than 10% interest in Queensland Ores, if it received acceptances during the offer period which took its relevant interest to at least 40% of all shares.

This new offer was down from the 50,1% minimum acceptance conditions proposed during April of this year. Read more...