Atherton Resources Limited
(ASX:ATE) says its major shareholders have accepted the on-market takeover bid from Auctus Chillagoe and its recommending all other shareholders do the same.
Auctus made an offer of 20 cents per share back in September after an earlier offer of 13.5 cents per share was rejected.
Atherton Resources was formerly known as Mungana Goldmines and is 67.6 per cent owned by Kagara Mining and its subsidiary Mungana.
The base metals resources held by Atherton are all that remain of the Kagara Mining assets after the zinc price collapsed in 2012 and the company went into administration. Funds from the sale will go towards employee entitlements.
Atherton Resources Limited
(ASX:ATE) made a net profit of $551,000 for the 6 months to 30th June 2015.
