Orbis Gold Limited (“Orbis Gold” or “the Company”) advises that it has received a conditional, nonbinding and indicative proposal from SEMAFO Inc. (“SEMAFO”) to acquire 100% of Orbis Gold’s issued ordinary shares for cash consideration of between A$0.62 to A$0.65 per share (the “Proposal”).
There are no assurances that this approach will lead to an offer for the Company or its assets being made, either now or in the future. The receipt of the Proposal follows a recent unsolicited approach by SEMAFO regarding a potential transaction.
Following careful review and analysis of the Proposal, the Orbis Gold Board has unanimously determined the Proposal significantly undervalues Orbis Gold, both in terms of its existing assets, and the potential value the company expects to deliver to its shareholders in the near future.
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