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Norton closes Kalgoorlie offer with majority share

7th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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KALGOORLIE (miningweekly.com) – The takeover of ASX-listed Kalgoorlie Mining by fellow-listed Norton Gold Fields was progressing well, with Norton on Wednesday reporting that it had secured more than 90% shareholding in the takeover target at the end of the offer period.

Norton had also secured 64.97% of the listed options in Kalgoorlie.

The takeover offer was declared unconditional in July this year.

Under the terms of the transaction, Norton offered 0.054 of its own shares, and 0.054 options for every Kalgoorlie share held, exercisable at 27c an option before the end of April 2015, and 0.024 options for each listed Kalgoorlie option, exercisable at 25c a share, before the end of May 2014.

Norton said it would now initiate a compulsory acquisition of the remaining shares in Kalgoorlie.

Edited by Creamer Media Reporter

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