China Hanking (03788) said its subsidiary Hanking Australia Investment Limited agreed to make a recommended conditional takeover bid for all of the issued shares of Primary Gold Limited at AUD0.0575 cash per share, representing a 47.3% premium to Primary Gold's last traded share price of AUD0.039.
The aggregate offer price to be paid by Hanking Australia Investment will amount to AUD34.5 million.
Hanking Australia Investment has also agreed to provide Primary Gold with an AUD1.5 million unsecured loan facility to assist Primary Gold fund its short term working capital needs and other approved project activities during the offer period.
Primary Gold is an Australian company with interests in the Coolgardie gold project in Western Australia and the Mt Bundy gold project in the Northern Territory in northern Australia. The offer is consistent with China Hanking's strategy to develop a sustainable long term gold business in Australia.
21/02/2018 09:59
China Hanking unit to make offer for Australian gold company
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