Gold miners genesisminerals and StBarbaraLtd have reached a merger agreement over assets in WesternAustralia with St Barbara to spinout its other assets ASX mining resources demerger raising funding
“I am confident that this unique transaction will deliver significant value for all shareholders. The merger with our Leonora neighbour, Genesis, to create Hoover House, will accelerate our Leonora Province Plan. Shareholders will reap the benefits of more production at lower cost and lower risk from this prolific mining district,” said Netscher.
Finlayson said that the merger was a major step forward in the strategic journey that Genesis embarked on less than 12 months ago, which also included a takeover offer for gold miner Dacian Gold in which Genesis currently holds a 77% interest.“By combining with St Barbara, we are creating Hoover House, the premium Australian gold company we envisaged, with sustainable, high-quality production.
The Genesis board of directors unanimously recommends that Genesis shareholders vote in favour of the scheme, in the absence of a superior offer and subject to an independent expert declaring the offer to be in the best interest of shareholders. A number of institutional cornerstone investors have entered into subscription agreements to subscribe for the full A$275-million, including Australian Super, which has committed to A$164-million subject to scale back, RCF VII which has committed to A$75-million, and other institutional investors who have in aggregate committed to A$36-million.
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