Shares of Shanta Gold Limited (AIM:SHG, OTC:SAAGF) rose 20% as the East Africa-focused gold miner said it has received three separate takeover approaches.
Chinese firms Shandong Gold and Yintai Gold plus London-listed Chaarat Gold Holdings Ltd (AIM:CGH) are all eyeing a deal with the miner, it said, with talks ongoing with each of the parties.
No terms or details were released in the brief statement, with Shanta adding that there was no certainty any deal would be struck.
Under Takeover Panel rules the parties have until 15 November to make an offer or else walk away.
In a separate statement, Chaarat said under the currently proposed terms, its possible offer would be classified as a reverse takeover under AIM rules.
AIM-listed Shanta is targeting annual run rate production of 100,000 ounces per year by early 2023 as its Singida project in Tanzania comes on stream to add to the output from its existing New Luika mine.
Shares in Shanta were up 1.75p at 10.75p.