News: Doray Minerals now holds 70% of Mutiny Gold

Doray Minerals (ASX:DRM) has received acceptances for more than 70.31% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 476,875,930 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

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 $0.039, with Doray at $0.43.

All Mutiny directors have already accepted the offer and continue to unanimously recommend the offer in the absence of a superior proposal.

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.