Doray Minerals (ASX:DRM) has received acceptances for more than 53.2% of takeover target Mutiny Gold (ASX:MYG).
All Mutiny directors have now accepted the offer of one Doray share for every 9.5 Mutiny shares.
They also continue to unanimously recommend the offer in the absence of a superior proposal.
In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.
Mutiny last traded at $0.034, with Doray at $0.36.
The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.
This includes forecast annualised production of around 160,000 gold equivalent.
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