Focus sticks with Horizon in Coolgardie bid
PERTH (miningweekly.com) – ASX-listed Horizon Minerals, previously known as Intermin Resources, has matched a competing offer from the Coolgardie gold project, in Western Australia.
Horizon in February this year entered into an exclusivity agreement with fellow-listed Focus Minerals to acquire the Coolgardie project for A$40-million.
Focus subsequently received a competing non-binding indicative proposal from a third party to purchase the Coolgarie project, and in response, Horizon has increased its indicative offer to A$55-million, comprising A$43-million in cash and a further A$12-million worth of shares in Horizon, which will be issued to Focus in tranches.
Focus on Friday said that the company had determined that Horizon’s counter proposal was ‘no less favourable’ than the competing proposal, telling shareholders that Horizon and Focus would now continue with formal binding documentation.
The Coolgardie acquisition will include the 1.2-million tonne a year Three Mile Hill processing plant, which is currently on care and maintenance,
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