Minotaur acquires Breakaway

Exploration group receives acceptances for 91% of shares, reshuffles board.

Minotaur Exploration (MEP) will compulsorily acquire copper and gold explorer Breakaway Resources (BRW) after receiving acceptances for 91% of the Breakaway shares.

In a statement to the Australian Securities Exchange, Minotaur said Breakaway's directors have tendered their resignations, with the exception of chairman John Atkins, and two Minotaur representatives have joined the Breakaway board.

Minotaur offered one of its shares for every 10 Breakaway shares, with the offer closing on October 18.

The deal also triggers two joint venture agreements, providing for external exploration investment of up to $3 million and $6 million in Breakaway's tenements at Leinster in Western Australia and Eloise in Queensland, respectively.