Dioro Exploration has urged shareholders to reject a sweetened takeover offer from Avoca Resources, adding it had entered into confidential negotiations with third parties.
Avoca Resources says it is surprised that target Dioro Exploration has not provided a recommendation to its takeover bid as it today declared the offer unconditional.
Avoca Resources says takeover target Dioro Exploration needs a "reality check" over the high valuation of its shares which is around 180 per cent higher than the company's current share price.
Perth-based gold company Dioro Exploration NL has satisfied all conditions in its bid to acquire the South Kalgoorlie gold mining project from Harmony Gold Australia.
Dioro Exploration NL subsidiary Lodestar Minerals Ltd, which holds nickel rights over the parent company's Penfolds project, has announced plans to raise $5 million through a priority issue, ahead of listing on the Australian Securities Exchange.
Nedlands-based Dioro Exploration NL has announced the terms of its planned capital raising, with plans to distribute 31.2 million subscription receiprt to investors at a price of C$1.60 each, to raise up to C$50 million, the company has announced.
Shareholders in Nedlands-based Dioro Exploration NL have approved the acquisition of Harmony Gold Mines Ltd's South Kalgoorlie Mining Operations as well plans to spin-off of its nickel holdings, list on the Toronto Stock Exchange and raise $70 million.
Nedlands-based Dioro Exploration NL has announced plans to list on the Toronto Stock Exchange, appointing broking firm Cormark Securities to managed a proposed $70 million capital raising.
Nedlands-based Dioro Exploration Ltd has signed an agreement with Companhia Vale Do Rio Doce subsidiary Rio Doce Australia Pty Ltd for the exploration of its Kunderong and Kennedy uranium projects, near Newman.
South Africa's Harmony Gold Mining Group Ltd has received over $6 million worth of shares from Nedlands-based Dioro Exploration Ltd, which today issued 45 million shares to fund the acquisition of eastern goldfields tenements.
Nedlands-based diversified explorer Dioro Exploration has acquired a highly prospective tenement package at the Penfold project located in the eastern goldfields and has commenced inital exploration.