Australia's Demetallica sees best day ever on takeover offer

AIC Mines

19/09/2022 02:20

** Shares of Demetallica Ltd  DRM.AX  climb as much as 47.5%
to A$0.295, seeing their best day since May 26 IPO if gains hold
    ** Demetallica receives takeover offer from gold-copper
explorer AIC Mines Ltd  A1M.AX , valuing it at A$36 mln ($24.19
mln)  urn:newsml:reuters.com:*:nTUE5QLSKJ
    ** AIC Mines will offer Demetallica shareholders 1 AIC Mines
share for every 1.5 Demetallica shares held
    ** Offer represents a 68% premium to Demetallica's Sept 16
closing price
    ** AIC says offer is to gain access to Dematallica's Jericho
copper deposit, which is near AIC Mines' Eloise copper mine
    ** AIC shares drop as much as 4%, hitting their lowest since
Sept. 5 
    ** DRM stock had fallen ~25.9% this year, as of last close,
while AIC was down 3.8%


($1 = 1.4881 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))