Magma Metals advises that following the off-market takeover of the Company by Panoramic Resources changes to the composition of the Board of Directors have been implemented as follows: Appointed, John Rowe - Non-executive Chairman, Christopher Williams - Director, Trevor Eton - Director, Resigned: Max Cozijn - Non-executive Chairman, Keith Watkins [...]
Magma Metals notes the announcement yesterday by Panoramic Resources Limited that it has acquired a relevant interest in 54.15% of Magma shares. Today Magma released its Second Supplementary Target's Statement in response, a copy of which is available on the Company's website and is filed under the Company's profile on SEDAR
Panoramic Resources announced on 27 April 2012 an intention to increase the exchange ratio under its takeover bid for Magma Metals to 1 Panoramic share for every 7 Magma shares from the original offer of 2 Panoramic shares for every 17 Magma shares. This increase in the exchange ratio is, however, conditional upon Panoramic achieving an interest(1 [...]
Magma Metals notes the announcement today by Panoramic Resources that Panoramic intends to increase the exchange ratio under its current takeover bid for the Company to 1 Panoramic share for every 7 Magma shares, conditional upon achieving an interest(1) of more than 50% of Magma shares by 7:00pm (Sydney time) on 8 May 2012. Magma's Directors are [...]
Magma Metals is pleased to provide its activities and cash flow report for the quarter ended March 31, 2012. Field activities included drilling at the Thunder Bay North platinum-palladium-copper-nickel project in north-western Ontario. These activities and plans for further exploration work are described in this report.
Magma Metals today released its Target's Statement in response to the unsolicited takeover offer by Panoramic Resources. Panoramic is offering 2 new shares for every 17 Magma shares held. This equates to approximately A$0.142 per Magma share, based on the closing price of Panoramic shares on the ASX on 8 March 2012 of A$1.205. The Directors [...]
Magma Metals commissioned BDO Corporate Finance (WA) Pty Ltd ('BDO') to prepare an independent expert's report in respect of the unsolicited takeover offer for the Company by Panoramic Resources. Panoramic is offering 2 new shares for every 17 Magma shares held. This equates to approximately A$0.155 per Magma share, based on the closing price of [...]
Magma reports the release of the following letter from its Chairman, Max Cozijn. Dear Shareholder, By now you are probably aware that Panoramic Resources has announced an unsolicited takeover offer for your shares in Magma Metals. You will shortly be receiving Panoramic's formal Offer document, called a Bidder's Statement, in the mail. This will be [...]
Magma Metals is pleased to advise that it has added 71,000 ounces platinum-equivalent ounces to its underground mineral resources at its Thunder Bay North platinum-palladium-copper-nickel project in northwest Ontario, Canada.
Magma Metals Limited is pleased to advise that it has commenced a winter drilling program at the Thunder Bay North platinum-palladium-copper-nickel project in northwest Ontario, Canada. The winter drilling program, which is planned to be completed in the March quarter, 2012, with two drill rigs comprises approximately 13 diamond drill holes for [...]
Magma Metals has today confirmed the appointment of advisers in respect of the unsolicited proposed takeover offer for Magma by Panoramic Resources Limited. Leading independent Australian adviser Gresham Advisory Partners has been appointed Corporate Adviser in relation to the Offer, with Jackson McDonald as Australian Legal Adviser and Cassels [...]
Magma notes that Panoramic Resources has today announced its intention to make a conditional offer to acquire all of the Magma shares it does not currently own. The proposed Offer consideration is 2 Panoramic shares for every 17 Magma shares held, which according to Panoramic's announcement implies a value of AUD 14.94 cents per Magma share based [...]
