MC Mining (ASX:MCM) has announced that it has received a non-binding indicative offer from Vulcan Resources.

The offer ranges between A$0.17 and A$0.20 per share, potentially valuing the company’s equity in the range of A$69.34 million to A$81.58 million.

The proposal from Vulcan Resources integrates a letter of offer, the terms of which are yet to be evaluated by an independent board committee.

This indicative price range seems to be higher compared to the current takeover offer price of A$0.16 per share by Goldway Capital Investment.

However, the company stressed there is no certainty that any formal offer by Vulcan Resources will be received, or what its final terms might entail.

MC Mining is a producer of a variety of natural resources in multiple locations worldwide.