Australian gold producing and exploration company Silver Lake Resources has combined with gold and copper miner Doray Minerals to form a $421 million merger.
Under the terms of the binding scheme implementation agreement, Silver Lake will purchase 100 percent of Doray shares by offering 0.677 shares in return for each Doray share, valuing the target at around $157 million.
Silver Lake would emerge as the majority owner of the merged entity with a 62.7 percent share, while Doray shareholders would hold the remaining 37.3 percent.
The deal, which is subject to shareholder approval, would create a mid-tier company focused on the Western Australian gold sector.