PERTH (miningweekly.com) – ASX-listed gold miner Focus Minerals has launched a takeover offer for the remaining shares in Focus Laverton, previously known as Crescent Gold.

Following a takeover of Crescent Gold in 2011, Focus Minerals ended with an 81.57% stake in the gold producer, which subsequently delisted from the ASX and changed its name to Focus Laverton.

Focus Minerals on Friday announced an unconditional recommended offmarket takeover offer for Focus Laverton, offering one of its own shares for every 0.725 Focus Laverton shares held.

The transaction was expected to consolidate the Laverton assets into Focus, to create a gold producer with a targeted yearly production of 200 000 oz, from 2014, and a combined mineral resource base of 4.3-million ounces.

“Full ownership of Focus Laverton will allow Focus to be better placed to invest, grow and expand the Laverton operations,” said Focus Minerals chairperson and acting CEO Don Taig.

“Focus has the financial capacity to extract significant value from the Laverton operations for all shareholders of the merged entity.”

Taig pointed out that there would be resource, operating and processing synergies available once full ownership was achieved, which would lead to increased output and improved economic outcomes for both shareholder sets.

Focus Laverton’s independent director, Geoff Stanley, had recommended that shareholders accept the offer, saying the transaction was a compelling opportunity for shareholders to become part of the rapidly growing Focus Minerals.

“Post-acquisition, Focus Laverton shareholders will be part of an entity with an exciting production and exploration growth profile, strong balance sheet, diversified asset portfolio and an experienced management team,” Stanley said.

The offer was expected to close on April 22, and would result in Focus Minerals issuing some 314.6-million shares, equating to 3.44% of the expanded capital base.

Focus Laverton’s primary focus is the Laverton gold project, in Western Australia, while Focus Minerals has three operating mines within close proximity.