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Dalradian Resources shares up on potential Minco bid
Gold explorer Dalradian Resources (TSE:DNA) is rated ‘buy’ by broker Eight Capital after news of a possible offer to buy Minco and thereby a 2% NSR (net smelter royalty) on its Curraghinalt gold project in Northern Ireland.
The broker said DNA was in discussions to acquire Minco plc’s (LON: MIO) 2% NSR via an offer to buy the entire issued share capital of Minco following the demerger of Buchans Resources Ltd
Namely, this would involve all assets of Minco except the 2% NSR.
Eight Capital values the 2% NSR on Curraghinalt (based on a 5% discount rate) at $14.7 million at spot prices and $15.5 million at Eight Capital’s price deck.
It noted that no definitive offer has as yet been made.
In London, Minco shares raced up around 50% pence Tuesday afternoon, giving them a market cap of £10.5 million.
In Toronto, Dalradian shares were up 4.65% to $1.35.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175167/dalradian-resources-shares-up-on-potential-minco-bid-175167.html
