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Evolution's offer gains Phoenix shareholder acceptance

16th December 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Evolution Mining has gained a 90.03% shareholding in takeover target Phoenix Gold, triggering a higher offer price.

Evolution had initially offered 6c in cash and 0.06 of its own shares for every Phoenix share held, with the takeover offer subject to a limited number of customary conditions, as well as the gold price not falling below A$1 250/oz.

In November, the miner revised its offer to 6.75c a share cash and 0.06 of an Evolution share for each Phoenix share held, subject to Evolution obtaining an interest of 90%.

The ASX-listed Phoenix Gold has consistently urged remaining shareholders to accept the takeover offer.

With Evolution now reaching the 90% acceptance milestone, the offer period has been automatically extended until December 30. Evolution would also now be entitled to proceed with a compulsory acquisition of the remaining shares in Phoenix.

Edited by Creamer Media Reporter

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