09:50 AM EST - Magma Metals Limited : released its Target's Statement in response to the unsolicited takeover offer by Panoramic Resources Limited. Panoramic is offering two new shares for every 17 Magma shares held. This equates to approximately A$0.142 per Magma share, based on the closing price of Panoramic shares on the ASX on March 8 of A$1.205. The Directors unanimously recommend that Magma shareholders reject the Panoramic offer. As previously advised, the independent expert has concluded that the offer is not fair and not reasonable and well below its preferred value of A$0.37 per Magma share. Magma Metals Limited
shares T.MMW are trading down $0.005 at $0.17.
