Mutiny Gold (ASX:MYG) is trading 8.2% lower at $0.045 in morning trade after the company resumed trading post an off-market takeover by Doray Minerals (ASX:DRM).
Mutiny has traded 2.4 million shares by 12:00 noon AEDT.
Doray last traded 4.2% lower at $0.46.
Doray is offering 1 new Doray share for every 9.5 Mutiny shares held.
The proposed merger creates a portfolio of complimentary high-grade production, development and exploration assets.
Forecast production is around 160,000oz AuEq per year from FY2016.
Major Mutiny shareholders have entered into pre-bid acceptance agreements with Doray in respect of 18.68% of Mutiny's shares.
The Mutiny board has unanimously recommended the offer.
