Phoenix Gold (ASX:PXG) has now appointed Aaron Colleran as a non-executive director.
Colleran is currently the Vice President of Business Development and Investor Relations at Evolution Mining (ASX:EVN).
Phoenix directors have unanimously recommended a takeover offer from Evolution, which now holds a 68.82% stake in Phoenix.
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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