Catalyst Metals (ASX:CYL) to offer $66M for Vango Mining (ASX:VAN)

Catalyst Metals (ASX:CYL) has announced 73% of Vango Mining's (ASX:VAN) shareholders are supportive of the offer to acquire Vango for $66M.

Under the off-market takeover bid, Vango shareholders will receive 5 Catalyst shares for every 115 Vango shares for $0.052 per Vango share, which is a premium of 19.1% to the closing price of Vango shares of Jan 6. 

Vango has a 1Moz Resource at 3/3g/t in Western Australia's Marymia-Plutonic gold belt, which also hosts more than 40km of highly prospective and under-explored strike.

Cataylst says it will apply its exploration expertise and operational cashflow from its Henty Gold Mine in Tasmania to drive an agressive exploration program at Marymia.