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AsiaPhos eyes gold and copper miner MMJV in reverse takeover

Issue and allotment of shares to seller can reach up to S$72m

Fiona Lam

Published Fri, Oct 2, 2020 · 09:50 PM

asiaphos

Singapore

CHINA-FOCUSED phosphate miner AsiaPhos Limited on Friday said it is looking to acquire the entire stake in gold and copper miner MMJV, in a deal that will constitute a reverse takeover of the former.

AsiaPhos plans to issue and allot to the seller its ordinary shares at 0.5 Singapore cent each, totalling either S$72 million or half of the agreed valuation of the target group, whichever is lower.

The agreed issue price is at a 75 per cent discount to the weighted average trading price of AsiaPhos shares of 2.17 cents on the market day before AsiaPhos signed the term she…