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Moly Mines makes off-market offer for Queensland Mining

Moly Mines Ltd. plans a conditional off-market takeover bid for all of Queensland Mining Corp. Ltd.'s shares at 17 Australian cents per share, valuing the latter at about A$50.8 million.

According to the Dec. 15 release, the offer represents a premium of 49.12% to the 30 trading-day volume-weighted average price of 11.4 cents per share as of Dec. 14.

In October, Queensland Mining agreed to sell its White Range copper project in Queensland, Australia, to Moly in a A$53 million binding deal.

Following discussions, the companies negotiated the cash-only deal for a complete acquisition of Queensland Mining.

The directors of Queensland Mining unanimously recommended shareholders accept the takeover bid in the absence of a superior proposal.

The company's directors, as well as two major shareholders, intend to accept the offer.