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Independence offer lapses

20th January 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Metals miner Independence Group’s takeover offer for fellow listed Panoramic Resources has lapsed, with Independence saying on Monday that the acceptance from all Panoramic shareholders who took up the offer, would now be cancelled.

Independence in November announced a A$312-million takeover offer for Panoramic, offering one of its own shares for every 13 Panoramic shares held.

However, the ASX-listed company earlier this month said it would allow the takeover offer to lapse as a number of defeating conditions were triggered by Panoramic’s decision to undertake a A$31-million capital raise to repay loans and to continue the development of the Savannah North orebody, and to cover operating costs at the Savannah project, in Western Australia.

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