As part of its takeover tilt of Carawine Resources (ASX:CWX), private company QGold has advised shareholders of the takeover target they have until 28 April 2024 to submit any and all objection forms.
On 21 March 2024, Carawine, which has a $24.79 million market capitalisation, received notice its major shareholder had begun the process to compulsorily acquire all the remaining shares in the company.
Shareholders in Carawine are being offered $0.11 for their respective shares.
However, an independent expert’s report provided by BDO Corporate Finance (WA) concludes that the fair value for each share is between $0.064 and $0.141 on a net asset value method and $0.131 and $0.169 on a quoted market price method.
According to the latest ASX filings, QGold currently holds a 90.61% stake in Carawine.
Carawine Resources’ primary focus is to explore for and develop economic gold, copper, and base metal deposits in Australia. The company’s portfolio includes the Tropicana North Gold, Fraser Range, Paterson, Oakover, and Jamieson projects.
Write to Adam Drought at Mining.com.au
Images: Carawine Resources
