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Heemskirk Consolidated Offers $84M for North Queensland Metals

Heemskirk Consolidated Ltd.(ASX: HSK) has offered North Queensland Metals Ltd. (ASX: NQM) a takeover bid valued at $84 million. An offer which the North Queensland Metals Ltd. is urging its shareholders to accept. This offer outbids Conquest Mining Ltd.'s offer to take over the company.

In the deal with Heemskirk, NQM shareholders will be given 1.2 Heemskirk shares for each of their NQM shares. They would also own 60.4% of the new combined company if Heemskirk manages to acquire all the NQM shares.

This deal is preferred to the rival offer made by Conquest Mining Ltd which valued the company at $57.89 million. NQM's second largest shareholder, Newmont Capital Pty Ltd has already signed a pre-bid acceptance for the deal with Heemskirk Consolidated Ltd.

NQM chairman Neville Thomas believed that Heemskirk had correctly valued the company in light of its Pajingo project near Charters Towers in Queensland and that the shareholders were being duly rewarded for their patience.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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