Shandong Goldsea Group Co Ltd
Shandong Goldsea Group Co Ltd
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Explorer Alto Metals’ directors have unanimously urged shareholders to reject the 3rd unsolicited takeover in 15-months and launched a $A5.1M raising to bring on its 100%-owned 331,000oz Sandstone Gold Project in Western Australia’s E Murchison region.
ALTO REJECTS 3rd BID IN 15-MONTHS, LAUNCHES $5.1M FUNDING PUSH
Alto Mets has launched a $5.1M raising for its 331,000oz WA gold project after rejecting latest takeover offer
Chinese-backed Goldsea Australia Mining has disclosed it will allow its $A24M-plus offer of 7.5c per share for explorer Alto Metals to lapse after failing to get Australian Foreign Investment Review Board approval.
Goldsea withdrew its application after the FIRB advised it required an extra 6 months to consider it.
Australian private company Habrok Mining, a 12.6% shareholder in Alto, notified Alto on May 22 it intends to make an unconditional off-market offer of 6.6cps.
Australian explorer Alto Metals, the focus of a three-way acquisition battle, has maintained its positive recommendation for the offer by Goldsea Australia Mining after it increased its cash bid to $A0.075 per share, up from $0.065.
Alto notes the takeover offer by Chinese-backed Goldsea remains subject to Australian FIRB approval and other conditions.
It says Australian privateer Habrok Mining, which proposed to offer 6.6cps last week, has not yet lodged a formal bid.
West Australian explorer Alto Metals is nearing a decision on the $A21M takeover offer by Chinese conglomerate Shandong Goldsea Group as it announces a significant increase in global resources at its 100%-owned Sandstone gold project.
Total indicated and inferred resources at the East Murchison project have grown to 331,000oz (6.2Mt @ 1.7g/t) on the back of an independent update of the Lord Nelson deposit to 109,000oz (1.8Mt @ 1.9g/t).
Australian privateer Habrok Mining has lodged a challenge for Alto Metals, 100% owner of the 290,000oz Sandstone gold project in WA, three weeks after the company’s board recommended shareholders accept a $A21M takeover bid by Chinese conglomerate Shandong Goldsea Group.
Habrok is offering 6.6cps, pipping the Goldsea 6.5c cash bid. It’s also unconditional, while Goldsea’s offer is subject to Australian foreign investment approval and other conditions.
The board of gold explorer/developer Alto Metals has unanimously rejected the $A21M valued, Feb 21 2020, unsolicited, off-market, cash bid from privately-owned Chinese company Goldsea Australia Mining P/L, a wholly owned subsidiary of Shandong Goldsea Group.
The primary asset sought by the $0.065 cash per share/all Alto options bid, is the company’s 100%-owned Sandstone Gold Project, 600km N of Perth, which has JORC indicated/inferred resources of 290,000oz within 5.4Mt @ 1.7g/t.
Chinese privately owned miner Goldsea Group aims to add the Sandstone gold project in WA’s East Murchison mineral field to its Australian portfolio, announcing an all-cash takeover offer for Alto Metals.
The offer through Goldsea Australia Mining of 6.5cps, 103% above its last sales, values Alto at $A21M. Alto holds 100% of the Sandstone gold project covering 800sqkm about 600km N of Perth.