Galaxy Resources acquires 96.74% stake in GMM

2885
Image credit: www.galaxyresources.com.au

Galaxy Resources announced that it has become the registered holder of 96.74% of the fully paid ordinary shares of General Mining Corporation (GMM), in accordance with the terms of its off-market takeover offer for GMM.

Image credit: www.galaxyresources.com.au
Image credit: www.galaxyresources.com.au

Galaxy said a total of 494,054,012 Galaxy Shares have been issued to GMM shareholders who accepted the takeover offer.

According to the company, a further 2,644,398 Galaxy Shares have been issued to Canaccord Genuity as sale nominee to sell and remit the new sale proceeds to ineligible foreign GMM shareholders who accepted the takeover offer.

In addition, 3,600,000 Galaxy Shares have also been issued to Canaccord as part of a success fee payable in respect of the takeover offer.

Adertisement

Galaxy also announced that it is now proposing to acquire the remaining General Mining Shares it did not acquire under the takeover offer in accordance with the compulsory acquisition provisions in the Corporations ACT 2001.