Focus Minerals (ASX: FML) has extended the takeover offer for Crescent Gold (ASX: CRE, TSE: CRA) by another week, with the offer now set to close on Wednesday 5 October.
The takeover is all but complete, which is already free of conditions - with Focus holding around 79.9% of Crescent. Focus could move to over 85% stake if the company converted up to $13 million worth of Crescent convertible notes.
The Crescent board unanimously recommends the offer in the absence of a superior proposal. Due to the size of the Focus holding, the company considers it unlikely that a superior proposal will eventuate.
A substantial shareholder of Crescent, Stone Mining, a company incorporated in Hong Kong - recently announced an increased stake of 14.7%.
The new Focus Minerals
The transaction will allow Focus to become one of Australia's top five gold producers, with targeted annual production of 230,000 ounces.
The JORC Resource base of the new Focus would be 4.3 million ounces, with strong growth potential across two major Western Australian mining regions.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20171/crescent-gold-focus-minerals-extends-takeover-offer-to-mop-up-remaining-shares-20171.html
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