https://www.miningweekly.com

Orbis cancels Greenstone deed, seeks alternative to Semafo offer

28th October 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed takeover target Orbis Gold on Tuesday announced the termination of a $20-million subscription and cooperation deed with fellow-listed Greenstone Resources.

The termination of the subscription agreement was a condition of a takeover offer from Canadian miner Semafo, which was offering Orbis shareholders 65c in cash for their shares.

However, Orbis has maintained its advice that shareholders take no action on the Semafo offer, saying the offer price undervalued the company.

Instead, Orbis on Tuesday announced that it would launch a nonrenounceable entitlement offer to raise up to A$20-million, with shares to be issued at 60c each. The equity raising would be subject to shareholder approval at the company’s annual general meeting, scheduled for November 28.

If approved, the proceeds from the entitlement offer would be used to advance the flagship Natougou gold project, in Burkina Faso, towards a positive construction decision, and to progress key priority exploration and appraisal targets, as well as for working capital.

Meanwhile, the company also noted that it continued to advance its discussions with third parties regarding superior alternatives to Semafo’s proposed offer.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Essentra Components
Essentra Components

We are responsible manufacturers of essential components. Manufacturing 80 million parts a week, we have over 1 billion parts in stock.

VISIT SHOWROOM 
SABAT Batteries is a renowned brand in the battery industry, manufacturing a wide range of batteries at its state-of-the-art production facility in Gqeberha.
SABAT Batteries

SABAT Batteries is a renowned brand in the battery industry, manufacturing a wide range of batteries at its state-of-the-art production facility in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 21 August 2026
Magazine round up | 21 August 2026
21st August 2026

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.071s - 128pq - 2rq
Subscribe Now