Crescent Gold: Focus Minerals now holds 31.7% as shareholders accept takeover
Crescent Gold (ASX: CRE, TSX: CRA) shareholders are accepting the Focus Minerals (ASX: FML) off-market takeover offer, with Focus now holding 31.7% of Crescent.
The offer is open until Monday 1st August 2011.
All of the Crescent directors have already provided acceptances.
Focus is offering one share for every 1.18 Crescent, which is conditional on a minimum acceptance of 90% - representing a 30.5% premium.
Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.
In addition, Deutsche Bank has stated an intention to accept the offer for the balance of its holding, around 9.24% of Crescent shares, in the absence of a superior proposal.
The merger will make Focus one of Australia's top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.
The combined group will have a JORC Resource of 4.3 million gold ounces.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
