Citigold Takeover Bid for Gateway Mining Limited |
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Brisbane, Australia, 3 July 2009 - CitigoldCitigold
Limited ("CitigoldCitigold") (ASX:CTO) (Nasdaq Dubai:CTO) (FSE:CHP) is pleased to announce an off-market takeover offer for all of the shares in Gateway Mining Limited ("Gateway") (ASX:GML). Under the terms of the offer, CitigoldCitigold is offering Gateway shareholders two (2) CitigoldCitigold shares for each five (5) Gateway shares held. CitigoldCitigold is currently a substantial and the single largest shareholder in Gateway. This shareholding of 16.3 million shares represents 15% of the issued capital of Gateway. CitigoldCitigold is keen to expand its holding to gain further exposure to this Australian based pure exploration play.
Gateway is an established gold and base metals explorer with several early stage prime prospects being explored wholly and in joint venture with other companies in New South Wales, Western Australia and Queensland.
CitigoldCitigold is an Australian gold producer and explorer focused on developing the ChartersTowers goldfield. Our management and technical team will continue to focus on expanding gold production at ChartersTowers. It is CitigoldCitigold's current intention that Gateway will remain as an exploration entity under its own management.
CitigoldCitigold has 842 million shares on issue and a market capitalisation of $152 million at a share price of 18 cents. Gateway has 110 million shares and a market capitalisation of $8 million at share price of 7 cents. (Share prices based on previous 20 trading day VWAP)
Full details of the offer will be set out in the formal Bidders Statement document to be sent to all Gateway shareholders. For additional details view Annexure 'A' at the below link or at www.citigold.com
- Ends -
© Press Release 2009
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