Evolution Mining is asking traders for a $400 million fairness high up on Thursday to fund an acquisition from ASX-listed rival Northern Star.
The corporate had its dealer JPMorgan providing new shares at $3.85 every, which was a 5.4 per cent low cost to the lat shut.
The deal was structured as a placement of latest shares, in response to phrases despatched to potential traders, and was to be adopted up a non-underwritten share buy plan.
Funds raised could be used to amass Kundana Gold in Western Australia’s Kalgoorlie area and a number of related initiatives from fellow gold miner Northern Star.
Evolution Mining shares went right into a buying and selling halt on Thursday morning forward of the elevating. It pitched the acquisition as a “fourth cornerstone asset” that may feed into its low price Mungari mill.
JPMorgan had been calling for bids into the position by 5pm on Thursday. Evolution Mining shares would resume buying and selling on Friday, the time period sheet stated.