Blumont garners 12.75% of Genesis Resources
Progress in bid for Australia-listed miner comes from share subscription, acceptances
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Copyright SPH Media. All rights reserved.
