Wednesday, 27 July 2011

Crescent Gold: Focus Minerals now holds 44.7% 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 44.7% of Crescent.

The offer is open until Monday 15th 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.

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.

In other Cresent news - last week the company announced gold production forecasts exceeded guidance by 8.5% in the June quarter, producing 23,871 ounces for a gross value of around US$36 million, based on a spot of US$1500.

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