(MENAFN- ABN Newswire) Musgrave Minerals Ltd (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) advises that Westgold Resources Limited ("Westgold") has announced that it intends to make an unsolicited and conditional off-market takeover offer ("Offer") for all of the shares in the Company.
The proposed Offer consideration is one (1) Westgold share for every 5.37 Musgrave shares held, which implies an offer price of $0.30 per Musgrave share.
At this stage the Company has not received Westgold's Bidder's Statement and the Board is not yet in a position to make a formal recommendation to shareholders.
Upon receipt of the Bidder's Statement, the Board of directors will carefully consider the Offer and make a recommendation to shareholders in Musgrave's Target's Statement, which will be provided in ample time for shareholders to make an informed decision prior to the close of the Offer.
In the meantime, shareholders are advised to TAKE NO ACTION in relation to Westgold's Offer.
The Board of Musgrave will keep shareholders fully informed of further developments as they occur.
musgrave minerals ltd (asx:mgv )
is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave has had significant exploration success at Cue with the ongoing focus on increasing the gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave also holds a large exploration tenement package in the Ni-Cu-Co prospective Musgrave Province in South Australia.
Rob Waugh
Managing Director
Musgrave Minerals Limited
+61 8 9324 1061
Angela East Associate Director
Media and Capital Partners
+61 428 432 025
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