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Torian launches A$8.4M takeover bid for Cascade

Torian Resources Ltd. has launched an off-market takeover offer to acquire all of the shares of Cascade Resources Ltd., which values the latter at about A$8.4 million.

Under the offer, Cascade shareholders will receive 1 new Torian share for each share held, according to an Oct. 10 statement.

Cascade directors have unanimously recommended the offer and have agreed to accept it in the absence of a superior offer.

Following the deal, Torian will increase its ownership in the Zuleika joint venture project from 12.25% to 100%, acquire a further four gold projects in Western Australia, including Mount Keith, Mount Monger, Kanowna South and Five Mile Hill and increase its existing tenure at the Bardoc project.

The offer is subject to a 90% minimum acceptance condition.