Crescent Gold: Focus Minerals off market takeover now free of defeating conditions

The takeover of Crescent Gold (ASX: CRE, TSE: CRA) by Focus Minerals (ASX: FML) has taken another major step towards a conclusion.

Today Focus announced that the off-market takeover bid is now free of defeating conditions, and that Focus holds around 78% of Crescent.

This relevant interest would be further boosted to around 85% if Focus converted up to $13 million worth of Crescent convertible notes.

To mop up the remaining shares, the offer period has now been extended to Wednesday 14 September.

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 - announced at the end of last week 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/19408/crescent-gold-focus-minerals-off-market-takeover-now-free-of-defeating-conditions-19408.html