MetalsTech has received an offer from Trans Metal Fund to acquire MetalsTech subsidiary Ortac Resources and its 100 per cent owned Sturec gold project in Slovakia.
The Sturec gold project has historically produced over 1.5 million ounces and gold and 6.7 million ounces of silver, worth over $US2 billion at recent metal prices.
Trans Metal Fund has offered MetalsTech $US36 million in cash on closing for Ortac Resources and a further $US20 million in cash on the granting of an underground mining activity permit.
The total offer equates to $US81 million ($120.7 million), or approximately $0.639 per share.
MetalsTech has said that while multiple parties remain in the data room, the offer from Trans Metal Fund is the first off the starting block.
“This offer is the first to emerge from the company’s strategic process being undertaken in conjunction with MinMetals Securities and various discussions with potential transaction counterparties,” MetalsTech said in an ASX announcement.
“MetalsTech makes no comment in respect of the offer other than to advise that it is considering all its options and prudently navigating the very strong interest that has been generated from the strategic process being undertaken by Minmetals Securities.”
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