Canadian gold miner Petaquilla Minerals Ltd said on Thursday it is evaluating a higher takeover offer from Inmet Mining Corp even as it pursues talks with others. The new cash-and-stock offer, which works to about 60 Canadian cents per share based on Inmet's Wednesday close, values Petaquilla at about C$130 million ($130.8 million), up from the C$109 million offer in September.Shares of Petaquilla, which has a market cap of C$126.50 million, rose nearly 9 percent to 62 Canadian cents in midday trade on the Toronto Stock Exchange.Inmet on Wednesday raised the stock portion of its offer to 0.0118 of its share for each Petaquilla share held from 0.0109, retaining the cash portion at C$0.001.Vancouver-based Petaquilla operates the Molejon gold project in Panama. Inmet has an 80 percent interest in Cobre Panama, one of the world's largest copper projects. Cobre Panama is now under construction.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 1.4% or $0.71/share to $51.53. In the past year, the shares have traded as low as $37.01 and as high as $70.34. On average, 333698 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 102713.
Petaquilla Minerals Ltd. (Petaquilla), incorporated on October 10, 1985, is engaged in the mining and mineral exploration of gold-bearing mineral properties in Panama. Shares of PTQ traded higher by 7.02% or $0.04/share to $0.61. In the past year, the shares have traded as low as $0.30 and as high as $0.82. On average, 1139170 shares of PTQ.TO exchange hands on a given day and today's volume is recorded at 4221300.
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