Congratulations to Genesis Minerals Limited on its announcement to acquire Dacian Gold Limited via a unanimously recommended off-market takeover offer for an implied equity value of A$111m.

Genesis received firm commitments to raise ~$100m via a 2-tranche placement, to fund Ulysses development, exploration activities for the combined group’s assets, fund the Dacian Placement, and for other general working capital purposes (Capital Raising).

The placement was strongly supported by institutional and professional investors, including Australian Capital Equity and Northern Star Resources Limited, among others.

The acquisition of Dacian, if completed, will achieve sensible regional consolidation by combining the natural pairing of Genesis’ organic growth and high-grade Resources with Dacian’s large-scale strategic milling infrastructure at Mt Morgans.

Sternship Advisers acted as financial adviser and Gilbert + Tobin as legal adviser to the Acquisition and Capital Raising. Euroz Hartleys Limited and Canaccord Genuity Australia acted as joint lead managers to the Capital Raising.
ASX: GMD Announcement 5 Jul 22