Monday, April 27, 2009

"Tungsten producer Queensland Ores" - largest shareholder accepts Metallica offer

Brisbane-based Metallica Minerals Ltd is one step closer to acquiring molybdenum and tungsten miner Queensland Ores Ltd (QOL), after the target's largest shareholder, Talbot Group Holdings Pty Ltd, accepted Metallica's offer.

Ken Talbot's investment company Talbot Group has accepted the offer of one share for every 22 QOL shares, which is a 25 per cent premium to Outback Metals' rival bid of one share for every four QOL shares, valuing the target at $3.86 million.

Metallica now holds a 10.36 per cent stake in QOL, and will offer $1 million in cash funding to QOL, as well as waiving minimum acceptance conditions, once acceptance reaches 50.1 per cent.

Staff Reporter

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