Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) said it had received two non-binding takeover offers from Calibre Mining Corp (TSX:CXB, OTCQX:CXBMF) and Metals Exploration PLC (AIM:MTL) though only one is currently active.
According to Sky News at the weekend, AIM-listed Metals Exploration, which is backed by property financier Nick Candy, is mulling a deal that would value the enlarged group at £150 million with Condor worth £49 million at the close on Friday.
Metals Exploration, 35%-owned by entrepreneur Candy, has secured irrevocable undertakings from a number of Condor Gold investors in recent days to vote in favour of the proposed deal, according to Sky.
Jim Mellon, a well-known metals investor is Condor’s main shareholder and chairman.
Condor put its La India gold project in Nicaragua up for sale two years ago and last week said several new parties had expressed an interest in the asset and been granted access to the data room.
Metals Exploration currently has a market capitalisation of just under £100 million having doubled over the past year while Condor Gold is up by two-thirds over the same period, Sky noted.
Canada-listed Calibre Mining, meanwhile, said that while it had engaged in discussions with Condor regarding the potential acquisition of the La India asset, it is not currently in discussions with Condor nor does it have an active offer.
“At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition.”