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Dacian raises A$12.5m from Genesis

12th July 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed suitor Genesis Minerals has increased its shareholding in gold miner Dacian Gold from 7.04% to 16.57% after completing a share purchase worth A$12.58-million.

The subscription agreement was announced earlier this month, with Genesis unveiling a recommended takeover offer for Dacian, under which it was offering 0.0843 of its own shares for every Dacian share held, implying a value of 10.2c a share for the Dacian holding, and an equity value of A$111-million, based on Genesis’ last closing price.

More than 27.1-million shares in Dacian were issued under the company’s existing placement capacity, and the remaining 96.7-million shares were issued under its additional capacity.

Proceeds from the placement will be used to fund extension drilling at Dacian’s Jupiter asset, as well as exploration activities and general working capital.

Genesis’ takeover of Dacian was subject to a 50.1% minimum acceptance condition.

Edited by Creamer Media Reporter

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