The Mutiny Gold (ASX:MYG) and Doray Minerals (ASX:DRM) planned union continues to advance, with MYG's board unanimously recommending the offer in a target statement.
The offer has DRM acquiring all of the shares of MYG, (1 DRM for 9.5 MYG shares).
Currently, Doray has a stake of 18.68% of Mutiny.
In late October when the deal was announced, this valued MYG shares at $0.054, or an enterprise value of $44 million.
MYG closed last night at $0.03.
Since DRM announced the takeover, its shares have dropped by over 40% as the price of gold has traded lower.
The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects and forecasts annualised production of around 160,000 AuEq from commissioning of the Deflector Project.
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