Blumont garners 12.75% of Genesis Resources

Singapore

BLUMONT Group has progressed in its bid to acquire Genesis Resources fully, having garnered an interest of 12.75 per cent of the Australia-listed miner so far.

Blumont on Friday agreed to subscribe for 15 million ordinary shares of Genesis at A$0.10 (S$0.108) apiece, representing a hefty 66.7 per cent premium over the volume-weighted average price of Genesis shares on July 31, the last day that it was traded on the Australian Securities Exchange. This would make up 7.29 per cent of Genesis' enlarged share capital. Blumont has also received acceptances for its takeover bid representing about 5.88 per cent of Genesis' outstanding shares.