Hostile Ibaera bids cash for Azumah

FRUSTRATION with the board of Azumah Resources, and the pace of development plans for the 2.8 million ounce Wa project in Ghana, have led 42.5%  joint  venture partner Ibaera Capital to launch a circa-A$20 million hostile takeover offer for ASX-listed Azumah Resources this afternoon.

Hostile Ibaera bids cash for Azumah Hostile Ibaera bids cash for Azumah Hostile Ibaera bids cash for Azumah Hostile Ibaera bids cash for Azumah Hostile Ibaera bids cash for Azumah

Wa could be the only gold mine in its region of Ghana.

The unconditional all-cash offer is pitched at 2.8c, up 100% on yesterday's closing price and the level of July's capital raising, 1.4c. The offer is also a 48% premium to the 12-month average price.

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