Capricorn says takeover suitors are circling following board spill
PERTH (miningweekly.com) – ASX-listed Capricorn Metals has been fielding requests from a number of companies interested in potentially acquiring the company as a whole, or its asset base.
Capricorn last week underwent a board spill in which shareholder Nero Resources and Neon Capital were successful in replacing the company’s MD and CFO, as well as a number of nonexecutive directors.
The new board on Thursday said that it was focusing on getting the company’s finances in order, before running a proper divestment process in the coming months to revisit past failed transactions, and to seek other potential suitors.
Financial adviser Macquarie Bank would be used to assist in responding to any approaches from “suitable parties”, Capricorn told shareholders.
In the meantime, the new board is also exploring a number of fundraising options, with the company saying that some A$10-million would likely need to be raised, with the raising likely to include a pro-rata offer to shareholders.
The ASX-listed company currently has several key impending expenditure proposals, which includes an accommodation village and mine infrastructure for its Karlawinda gold project, as well as exploration.
As of March 6, the company had cash assets of some A$2.16-million.
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