Orbis Gold Limited (“Orbis Gold” or “the Company”) today advises that the Board of Directors has further considered the unsolicited offer from SEMAFO Inc. (“SEMAFO”) to acquire 100% of Orbis Gold’s issued ordinary shares for cash consideration of A$0.65 per share (the “Offer”).
The Board unanimously believes the offer undervalues the Company and does not factor the significant near term growth prospects available to the Company, particularly in light of the updated scoping study for Natougou released on 14 October 2014 and substantial exploration potential on its project areas.
The Board notes that the receipt of yesterday’s Offer comes in circumstances where it has had no approaches from SEMAFO since the release of the updated scoping study on 14 October 2014, despite SEMAFO’s public statement on 12 October 2014 that it was seeking engagement with Orbis Gold.
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