Magma Metals Ltd. (MMW.TO,MMW.AX) said its Directors are unanimous in their view that Magma shareholders should now accept the revised offer from Panoramic Resources Ltd. (PAN.AX).
Magma noted the announcement yesterday by Panoramic Resources that it has acquired a relevant interest in 54.15% of Magma shares.
As a consequence of Panoramic acquiring a relevant interest in more than 50% of Magma's shares, Magma shareholders who accept Panoramic's offer will now receive 1 Panoramic share for every 7 Magma shares.
As at the date of this announcement, and in the absence of a superior proposal, it is the intention of the Magma Directors to accept the Revised Offer in respect of Magma shares owned or controlled by them, representing approximately 4% of Magma shares on issue.
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