St Barbara and Genesis propose merger
Genesis Minerals (ASX: GMD) and St Barbara (ASX: SBM) agreed to merge.
St Barbara will acquire 100% of the shares in Genesis. Genesis shareholders will receive 2.0338 St Barbara share for each Genesis share.
The new entity will be named Hoover House and based in Perth. The combined company is targeting 300,000 ounces of gold production per year.
A vote on the plan to combine has to be put to shareholders.
St Barbara's assets include Leonora Operations in Western Australia, Atlantic Operations in Nova Scotia, Canada and Simberi Operations in Papua New Guinea.