Focus sticks to its guns as new Coolgardie bid emerges
PERTH (miningweekly.com) – ASX-listed Focus Minerals has told shareholders that a competing offer from Hong Kong-listed China Hanking Holdings for the Coolgardie gold project, in Western Australia, was not a superior offer to the one currently offered by fellow-listed Horizon Minerals.
China Hanking earlier this week announced a non-binding indicative cash offer of between A$56-million and A$65-million for the Coolgardie project, which is adjacent to its own McPherson’s gold project.
China Hanking’s offer would consist of a A$12-million upfront payment, with the balance to be paid over three-and-a-half years from the date of completion.
Focus told shareholders this week that after considering all relevant circumstances, and seeking input from its advisers, the Focus board had concluded that the China Hanking offer was not a superior proposal for the purposes of the exclusivity deed with Horizon Minerals.
Horizon recently amended its initial A$40-million offer for the Coolgardie project to match a competing offer, raising its indicative offer to A$55-million, comprising A$43-million in cash and a further A$12-million worth of Horizon shares.
Focus said that the factors relevant to its board’s determination included that the Horizon Minerals proposal is substantially more advanced, including having the due diligence completed, and currently has greater execution certainty.
In the absence of a superior proposal, Focus will continue to engage with Horizon in relation to its proposal to acquire the Coolgardie gold project.
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