Gemfields Resources, the coloured gemstone miners with assets in Africa, stepped up the pressure on Tanzanite One after it announced it would offer 42.75 pence per share in cash for up to 30.75 million shares in tanzanite gemstone producer, which represents 50.1% of the issued share capital.
Gemfields initially offered 45 pence per share in cash or cash and shares in Gemfields, but today altered the offer slightly to take into account a 2.25 pence interim dividend declared by Tanzanite One on 22 September, 2008.
Gemfields also noted that it now holds approximately 11.67 million shares in Tanzanite One, and Pallinghurst Resources, a substantial stakeholder in Gemfields, holds a further 2.1 million shares. Together Gemfields and Pallinghurst hold 18.5% of Tanzanite One, and said they had received irrevocable undertakings in respect to a further 14 million shares, or 18.8%.
The closing date of the cash offer is 11 November 2008.
Gemfields also announced the placement of approximately 14.7 million shares at 29 pence per share to raise £4.27 million for finance the purchase of its stake in Tanzanite One.