ASX-listed Catalyst Metals on Monday revealed it had secured at least a 23.2% shareholding in takeover target Superior Gold.

The company earlier this year unveiled a Canadian Plan of Arrangement for the TSX-V-listed Superior Gold, under which each Superior shareholder would receive 1 Catalyst share for every 2.8 Superior shares held.

The offer implies a value of C$0.44 a share to Superior shares and values the company at C$55-million. The offer represented a 62.8% premium to Superior’s last closing price on February 22 and a 64.4% premium to its 15-day volume weighted average share price.

The offer has been unanimously recommended by the Superior board and that company’s shareholders are expected to meet to vote on the offer.

Catalyst on Monday said that Superior’s largest institutional shareholders, which collectively own 22% of the company, had entered into binding voting and support agreements with the company, agreeing to irrevocably and unconditionally support and vote all of their shares in the pending plan of arrangement.

Furthermore, Superior’s directors have unanimously stated that they intend to vote in favour of the transaction, giving the company control over their 1.2% collective share in Superior.

Assuming that the required shareholder approvals are obtained, a final court order for the transaction is expected by June 30.

The transaction will give Catalyst access to the Plutonic gold mine, in Western Australia, which hosts a 5.9-million-ounce resource, a three-million-tonne-a-year processing capacity, and production of 70 000 oz/y of gold.

Catalyst has previously said that the Superior Gold transaction, in conjunction with its successful acquisition of ASX-listed Vango Mining, provided a compelling opportunity to unlock and maximise value from the Plutonic-Marymia gold belt, and to support the growth of a new high-grade midtier gold mining company on the ASX.