Potential A$88m deal..21 Jan 2019 08:00
Jan 21 (Reuters) - Copper miner Sandfire Resources SFR.AX said on Monday it has approached explorer MOD Resources MOD.AX about a potential combination of the two companies, valuing MOD at about A$88 million ($63 million).
Sandfire released a statement following a media report on its interest in MOD, which is exploring for copper and gold in Botswana, but said its approach was preliminary and non-binding and there was no assurance a deal would proceed.
It said the approach was made on the basis of A$0.38 per MOD share, which would represent a 73 percent premium to MOD's last close of A$0.22.