Independent Expert Report Says Focus Placement To Shandong Gold is“Fair and Reasonable. | ASXnewbie.com

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Independent Expert Report Says Focus Placement To Shandong Gold is“Fair and Reasonable.

by strudy1

It looks like the Chinese gold miner Shandong  Gold has been given the go ahead to purchase 51% of Focus Minerals (ASX Code FML). This will give FML $225 million to further its expansion plans for the future. Subject to approval by the shareholders. I think that will be a foregone conclusion.  FML could be a small cap stock to keep an eye on for future growth.

ASX Announcement. 

Focus Minerals Ltd. (ASX: FML), a leading Australian gold producer and explorer, said today the   Independent Expert report on the Company’s plan to raise approximately $225 million through  the  placement of new shares with Shandong Gold International Mining Corporation Limited (“Shandong  Gold”)  (the “Placement”)  has  concluded that the transaction is  “fair and reasonable” to Focus  shareholders.

The Independent Expert report has been prepared by BDO Corporate Finance and was today sent  to Focus’ shareholders,  along with a Notice of Annual  General  Meeting and Explanatory  Memorandum. The Annual General Meeting will be held on 30 November 2012 in Perth.

Focus Directors have unanimously recommended shareholders support the Placement in the  absence of a superior proposal and subject to the expert not changing its view prior to the general  meeting.  The Independent Expert Report notes that, if approved by Focus shareholders, the  Placement is expected to deliver a number of advantages, including the following:

1. Provide an immediate capital injection  of $225 million  to  assist in  fuelling an accelerated  growth of Focus’ projects and operations as well as strengthening Focus’ balance sheet;

2. Introduce a large, supportive investor in Shandong Gold that will allow for the exchange of  technical knowledge and access to Chinese markets for potential future equity and debt  funding;

3. Provide  expertise at Board level to assist with  the  exploration of Focus’ large tenement  holdings; and  Increase the market capitalisation of Focus by at least $225 million, which may lead to a revaluation of Focus shares by the market and an increased level of investment.

Also, the Foreign Investment Review Board has advised Shandong Gold  that there are no  objections to the Placement in terms of the Government’s foreign investment policy.

Under the terms of the Placement, Shandong Gold, a subsidiary of one of China’s three largest gold  producers by production, will acquire 51% of Focus (on a fully diluted basis) by  contributing $225  million to subscribe for approximately 4.5 billion new fully paid ordinary Focus shares at 5 cents per  share.