Natural Resources Newsletter - 7 September 2015

Evolution-Mining-seeks-to-outbid-Zijin-to-acquire-Phoenix

  

EVOLUTION MINING SEEKS TO OUTBID ZIJIN TO ACQUIRE PHOENIX

ASX-listed Evolution Mining Ltd (Evolution) has made a takeover offer (Evolution Offer) for fellow ASX-listed Phoenix Gold Limited (Phoenix), providing Phoenix's shareholders with an alternative to the offer made by Zijin Mining Group Ltd (Zijin and Zijin Offer). Evolution currently holds a 19.8% share in Phoenix. The Evolution Offer valued Phoenix’s shares at AU$0.12 each or AU$56.4 million in total which according to Evolution represents a 20% premium to Zijin Offer. The Zijin Offer was conditional upon Zijin securing at least a 50.1% stake in Phoenix.