Phoenix Gold's (ASX:PXG) shareholders are rapidly accepting the revised offer from Evolution Mining (ASX:EVN).
Evolution's stake in Phoenix has now climbed to 67.77%.
Phoenix directors have unanimously recommended the offer, as it is a 60.8% premium to the Phoenix closing price on 19 June 2015, being the last trading price prior to the first takeover offer for the company.
Shares in Phoenix last traded at $0.14.
Key terms:
- Upon Evolution obtaining a relevant interest in 90% of Phoenix shares, or otherwise being entitled to pursue compulsory acquisition of all remaining shares, Phoenix shareholders, including those that have already accepted the Evolution offer will be entitled to receive an additional 0.75 cents for each Phoenix share they hold.
- The offer period will be extended to 7.00pm AEST on 15 December 2015, unless further extended.
Phoenix's gold assets
The company has an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia, home to some of Australia’s richest gold deposits.
Phoenix has total resources of over 4 million ounces.
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