New York-listed Coeur d’Alene Mines has increased the cash component of its offer to Gasgoyne Gold Mines.
The offer to the Australian-listed company now stands at seven shares of Coeur plus A$96 for every 100 shares of Gasgoyne, an increase of A36 cents. The offer represents a 41% premium above the share price of Gasgoyne.
Coeur will also issue 4 million new shares of its common stock (a 19% increase in outstanding shares) and pay A$55.3 million (US$42.8 million) if it acquires 100% of the junior company.
Gasgoyne owns a 50% interest in the Yilgarn Star gold mine, near Southern Cross in Western Australia, and 45% of the Awak Mas gold project in Indonesia.
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