Phoenix Gold (ASX:PXG) is now more than 90% held by Evolution Mining (ASX:EVN), with Evolution moving to compulsory acquisition of the remaining Phoenix shares.
Phoenix shareholders, including those that have accepted the offer at any previous time, will now be entitled to receive the increased consideration of 0.75 cents for each Phoenix share they hold in addition to the original offer consideration of $0.06 cash and 0.06 Evolution shares.
Following this move to compulsory acquisition, the board has appointed Jake Klein and Lawrie Conway as directors of Phoenix.
Further, Messrs Dale Rogers, Stuart Hall and Ian Gregory tendered their resignation as directors of Phoenix effective as at the close of business on Friday 18 December 2015.
Dale Rogers, commented: “On behalf of the current board I wish to thank the many shareholders of Phoenix for their support of the company over the years.
“Phoenix was founded with a strategy to reconsolidate the leases in the North Eastern Goldfields of Kalgoorlie.
"This transaction with Evolution is a logical extension of that strategy.
"I believe the combination of Phoenix’s assets with those at Mungari will result in a profitable, low cost operation for many years to come.
"As shareholders in Evolution, you now have the opportunity to participate in an exciting future with a well-managed, diverse and dynamic company.”
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