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Azumah Resources shares double on JV partner's unsolicited takeover bid

Azumah Resources Ltd. asked its shareholders to take no action on the unsolicited off-market takeover bid for all of its shares put up by Ibaera Capital Fund LP, the company's joint venture partner in the Wa gold project in Ghana.

Ibaera said Sept. 18 that it lodged an unconditional all-cash offer to acquire Azumah's outstanding shares for 2.8 Australian cents apiece, a 100% premium to its closing price Sept. 17.

Following the offer, Azumah's share price surged 100% to 2.8 cents by Sept. 18 ASX trading close.

Azumah said the same day that it considers the offer to be "highly opportunistic" due to the recent rise in gold prices, the pending feasibility study on the project, and the upside potential from the underground discovery at the Bepkong deposit.

The board said it will make a formal recommendation after reviewing the offer.

Ibaera recently secured an initial 42.5% stake in the Wa project by making a US$11.3 million payment under a 2017 agreement.

Ibaera and its affiliates have secured a 17.66% interest in Azumah, according to a Sept. 19 ASX ownership filing.