Genesis and St Barbara shareholders cast their votes
PERTH (miningweekly.com) – The shareholders of ASX-listed Genesis Minerals and gold miner St Barbara have voted overwhelmingly in favour of Genesis’ A$631-million acquisition of St Barbara’s Leonora assets.
Some 77.15% of St Barbara’s shareholder votes were cast in favour of the Genesis transaction, with 94.03% of votes cast in favour of the distribution of Genesis shares.
Genesis’ offer for the Leonora assets consists of an up-front cash payment of A$370-million, the issue of 152.8-million shares in Genesis, and an additional 52.2-million performance rights in Genesis, valued at A$60-million, which will be issued immediately upon the completion of the transaction.
With the shareholder votes cast, all conditions precedent to the acquisition have now been satisfied, and Genesis expects the acquisition to close on June 30.
Genesis has previously said that the acquisition of St Barbara’s Leonora assets is consistent with the company’s established strategy, with the company focusing exclusively on the Leonora district of Western Australia, with production growth of more than 300 000 oz/y targeted.
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