Strategic Minerals Corp. NL said Dec. 5 that it advised its shareholders to take no action on the on-market takeover bid by controlling shareholder QGold Pty. Ltd.
QGold, which already owned about a 69.15% interest in Strategic Minerals, intends to purchase the 21,735,713 shares on issue that it does not already own at 40 Australian cents per share, valuing the deal at a minimum A$8.7 million.
The company will make a formal recommendation on the takeover offer on or before Dec. 18.
