Evolution's La Mancha buy approved
PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has cleared gold miner Evolution Mining’s acquisition of private gold miner La Mancha’s Australian operations, opening the way for Evolution's proposed takeover of fellow listed Phoenix Gold.
In exchange for its assets, La Mancha would now be issued with more than 322-million new shares in Evolution and the company had also agreed to subscribe for up to A$112-million of additional shares in Evolution, priced at 90c each.
The transaction would see La Mancha becoming Evolution’s largest shareholder and long-term strategic partner, while allowing Evolution to increase its production to between 530 000 oz/y and 600 000 oz/y.
The FIRB approval was a key outstanding condition under the La Mancha transaction.
The approval was a key condition for the proposed takeover of Phoenix Gold.
Evolution, which currently holds a 19.8% stake in Phoenix, has offered to acquire all of the outstanding shares in Phoenix Gold for 0.06 of its own shares, and 6c in cash for every Phoenix share held.
The Evolution offer was competing against a takeover bid from Zijin Mining, which in June offered 10c a share in cash for all the shares of Phoenix, valuing the company at A$47-million. Zijin’s offer was conditional upon the Chinese company securing at least a 50.1% stake in Phoenix.
While Zijin had not indicated whether it planned to increase its offer for Phoenix, the Chinese firm did point out that Evolution’s offer was conditional upon the gold price not falling below A$1 250/oz.
Phoenix had not made a determination on either takeover offer and had advised shareholders to not take any action.
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