Genesis Minerals Limited (ASX:GMD) made an offer to acquire remaining 19.921697% stake in Dacian Gold Limited (ASX:DCN) for AUD 60 million on October 15, 2023. The Offer is recommended for acceptance by Dacian shareholders by the Independent Board Committee of Dacian, comprising Independent Non-Executive Chairman, Craig McGown and Independent Non-Executive Director, Sue-Ann Higgins, in the absence of a superior proposal and subject to the Independent Expert opining and continuing to opine that the Offer is fair and reasonable or not fair but reasonable. The Offer is conditional only on Genesis holding a relevant interest in at least 90% of all Dacian Shares on issue during or at the end of the Offer period. The Implementation Deed also details circumstances under which Dacian may be required to pay a AUD570,000 break fee to Genesis payable in certain circumstances, and Genesis may be required to pay a ?reverse? break fee in the same amount to Dacian. Genesis does not require any Regulatory Approval or the approval of its shareholders or the approval or consent of any other person to enter into or perform any of its obligations. Genesis will exercise its right to compulsorily acquire the remaining Dacian shares. Dacian has appointed Longreach Capital as financial advisor and EMK Lawyers as legal advisor in connection with the Offer. BDO Corporate Finance (WA) Pty Ltd acted as independent expert for Dacian. Gilbert and Tobin acted as legal advisor, Sternship Advisers Pty Ltd. acted as financial advisor and Computershare Investor Services Pty Limited acted as registrar for Genesis Minerals.

Genesis Minerals Limited (ASX:GMD) completed the acquisition of remaining 19.921697% stake in Dacian Gold Limited (ASX:DCN) on November 17, 2023.