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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

Published Thu, May 22, 2014 · 10:00 PM
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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 73 per cent of the group's enlarged share capital.

To counter the dilutive effects of the enlarged share base, Manhattan will offer a one-for-one bonus issue of 1.…

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