Genesis inches closer to Dacian target

PERTH (miningweekly.com) – ASX-listed Genesis Minerals’ stake in fellow-listed gold miner Dacian Gold has increased to 83.08%.

Genesis this week made an offer to acquire the remaining near-20% interest in Dacian, offering 0.1685 of its own shares for every one Dacian share held, implying a value of 23.5c a share to Dacian shares, with the base offer consideration to be increased to 0.1935 new Genesis shares for every Dacian share if the company acquires a relevant interest of no less than 95.1% of Dacian shares, implying a value of 27c a share.

The offer has been unanimously recommended by Dacian’s independent board committee, in the absence of a superior offer.

Genesis told shareholders that the transaction was a logical step to simplify the ownership of large-scale resources and reserves and milling infrastructure in the Leonora district of Western Australia.