Trans Hex Group Board recommended shareholders to reject the takeover offer made by the richest man in South Africa, after a group of independent members of the board came to the conclusion that the offer undervalues the mining company.
Company Snowden Mining Industry Consultants Proprietary Ltd, which was hired by the independent members of the Board, assessed the company at $ 0.59 (8 rand) per share, the statement said the mining company to the Johannesburg Stock Exchange. At this company Cream Magenta and Metcap, which belong to the retail mogul Christ Vizi (Christo Wiese), together with RAC Investment Holdings, offered $ 0.29 (3.94 rand).
"Independent board, taking into account the opinion of independent experts on the proposal, said that the terms of the offer are unfair and unacceptable for shareholders and, accordingly, recommends shareholders not to accept the proposal," - said in a statement Trans Hex.
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North Arrow Minerals Inc. announced the launch of ground geophysical surveys and drilling Diamond Project Redemption (Redemption) in the Northwest Territories of Canada.
Ground geophysical surveys will be completed this week and drilling is expected to be held before the end of April 2016. As part of the drilling company hopes to find kimberlite from which originate the satellite group minerals of kimberlite from the South Coppermine area.
Redemption The project is located in the region of Lac de Gras in the Northwest Territories of Canada, located respectively 32 km to the south-west and 47 km to the west of the Ekati mines (Ekati) and Diavik (Diavik).
According to the option agreement with Arctic Star Exploration Corp., North Arrow can get a 55 percent stake in the project Redemption, investing $ 5 million in its exploration until 1 July 2017.
North Arrow - Canadian exploration company, which is engaged in exploration and evaluation of diamond deposits in Canada. The company estimates the deposit Pico (Pikoo), Kilalugak, Redemption (Redemption), Lac de Gras (Lac de Gras), Mel, Lux (Luxx) and Timiskaming (Timiskaming).
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