St Barbara Limited (ASX:SBM) made a non-binding indicative offer to acquire the remaining 80.2% stake in Kin Mining NL (ASX:KIN) on October 7, 2021. Pursuant to the terms of the offer, St Barbara Limited would acquire Kin Mining NL shares at a price of AUD 0.16 per share, through the issuance of St Barbara Limited shares. The offer is subject to a number of conditions, including no leak or public disclosure of the offer, due diligence, the unanimous recommendation of Kin Mining NL Board, the execution of a scheme implementation agreement between St Barbara Limited and Kin Mining NL containing exclusivity mechanisms, and no further issuance of equity securities by Kin. The proposed transaction, if it had been implemented, would amongst other things have required the approval by a majority of shareholders (other than St Barbara Limited) holding 75% of the shares voting in favor of the proposed transaction at the scheme meeting. The Kin Mining NL Board considered the offer, engaged with St Barbara Limited, and canvassed the views of its major and substantial shareholders other than St Barbara Limited who collectively hold in excess of 25% of the total Kin Mining NL shares on issue. The Board determined that the proposed offer could not progress because the proposed transaction was not acceptable to the major and substantial shareholders other than St Barbara Limited, and therefore would not have been approved by the requisite 75% voting majority of Kin Mining NL's shareholders. Accordingly, St Barbara Limited has notified Kin Mining NL that it has withdrawn the offer. Euroz Hartleys Limited acted as financial advisor to Kin Mining NL in relation to the offer.

St Barbara Limited (ASX:SBM) cancelled the acquisition of the remaining 80.2% stake in Kin Mining NL (ASX:KIN) on October 7, 2021.