Doray Minerals (ASX:DRM) has received acceptances for 88.15% of takeover target Mutiny Gold (ASX:MYG).
In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.
Mutiny last traded at $0.05, with Doray at $0.49.
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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