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Manhattan in $1b deal to acquire mining firm Singxin

Acquisition to let it embark on business in China's mineral mining industry

MANHATTAN Resources has signed a conditional agreement to acquire Singxin Resources for $1 billion through the issue of up to 1.37 billion new shares at 73 cents a piece. This is a hefty price tag, given that Manhattan's market capitalisation is only about $360 million. The issuance represents