Terrain free from Iron Mountain pursuit

Iron Mountain Mining has failed in its takeover bid for Terrain Minerals, attracting just over 15 per cent of Terrain shares on issue with the bulk of that coming from one shareholder.

The all-scrip offer ended last Friday evening with Iron Mountain achieving total share acceptances of15.43 per cent.
Of that, 14.89 per cent of the acceptances came from Terrain shareholder United Orogen, leaving 0.53 per cent from other shareholders.

United Orogen had held a shareholding of 19.73 per cent before it was diluted to 14.89 per cent following a $1.36 million placement and rights issue.

Iron Mountain was offering 2 of its shares for every Terrain share.