The price of shares in Matsa Resources (ASX: MAT) jumped by more than 14% in early Monday trading on the ASX after news of a takeover offer from fellow gold developer Patronus Resources (ASX: PTN).
Patronus and its associates – who already hold the largest shareholding interest in Matsa with 19.57% – have offered a cash price of $0.045 per share, implying an equity value for Matsa of approximately $33 million.
The offer price represents a 12.5% premium to the price of Matsa shares on 6 February 2025, the last day on which they were traded prior to the takeover announcement.
Matsa is conducting a focused exploration drive at its flagship Lake Carey gold project in Western Australia, where it has already established an 886,000-ounce resource that it aims to increase to more than 1Moz in the near term.
Patronus’ main asset is the 100%-owned Cardinia gold project near Leonora in WA, which contains 932,000oz of gold between the Mertondale and East Cardinia projects.
The company also owns the Fountain Head project in the Northern Territory.
Patronus’ management said the proposed acquisition is in line with the company’s ongoing gold exploration and development strategy.
They suggested the bid provided Matsa shareholders with “certain and immediate value” for their shares at “an attractive premium relative to historical prices” while at the same time removing the potential funding risks associated with the repayment or refinancing of its ongoing exploration and development activities.
“Patronus is supportive of Matsa securing additional equity funding to repay its existing indebtedness in order to concurrently remove the security claims provided to these existing secured debt providers,” Patronus said in the announcement.
Patronus has appointed Euroz Hartleys as its broker to stand in the market and purchase all Matsa shares offered to it from the date of the announcement.
The offer closes at 4pm Sydney time on 24 March 2025 unless extended or withdrawn.
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