Copper/gold miner Oz Minerals has struck a scheme of arrangement with joint venture partner Cassini Resources that will give it full ownership of the West Musgrave project, in Western Australia.
The two companies on Monday announced that Oz Minerals would acquire all the issued capital of Cassini Resources, based on one Oz Minerals share for every 68.5 Cassini shares held.
In addition, Cassini shareholders would be paid 1c a share in returned capital out of Cassini’s existing cash balance.
The offer implied a value of 16c a Cassini share, which was a 31% premium on the company’s one-day volume weighted average share price on June 19, and a 55% premium to its three-month volume weighted average share price.