Panoramic Resources (ASX:PAN)
has acquired more than 90 per cent of mineral explorer Magma Metals Limited (ASX:MMW)
In accordance with its terms the Western Australian mining company intends to acquire all of the outstanding shares and options in Magma.
The off-market bid sees Magma shareholders receive two Panoramic shares for every 17 Magma shares held.
The integration of the two companies has commenced with both senior management teams scheduled to visit the Thunder Bay North project in Canada later this month.
In the first half of the 2012 financial year, Panoramic booked a net loss of $3.9 million.