Senegal-focused gold miner Chesser Resources rises on $60 mln takeover deal

Fortuna Mining

09/05/2023 02:06

** Shares of Chesser Resources Ltd  CHZ.AX  rise as much as
75% to A$0.13, marking their biggest intraday pct jump since
late-July 2020
    ** Brisbane-headquartered CHZ, which has gold operations in
Senegal, receives takeover offer from Canadian precious metals
miner Fortuna Silver Mines Inc  FVI.TO  
    ** Fortuna to offer 0.0248 shares for every Chesser share,
representing implied value of A$0.142 per share - a significant
premium of 94.5%
    ** Implied equity value is A$89 mln ($60.37 mln); CHZ board
recommends shareholders to vote in favour of Fortuna's offer
    ** More than 9 mln shares change hands, vs the 30-day
average of 278,000 shares
    ** CHZ stock down 14.1% this year, as of last close

    ($1 = 1.4743 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))