($1 = 1.4899 Australian dollars) (Reporting by Nausheen Thusoo in Bengaluru; Editing by Uttaresh Venkateshwaran and Sonali Paul)
(Updates with details on revised deal)
April 17 (Reuters) - Australian gold miner St Barbara
Ltd said on Monday it agreed to sell its Leonora assets
in Western Australia to Genesis Minerals for A$600
million ($403 million), and scrapped a proposed takeover of
Genesis.
Under the revised deal, Genesis will pay A$370 million in
cash, plus 147.8 million of its shares worth A$170 million and a
conditional payment of shares worth A$60 million for the Leonora
assets.
The revised transaction will result in St Barbara
shareholders owning up to 19.5% of Genesis and help the gold
miner reduce its senior debt and lease liabilities, with its
main remaining operations in Canada and Papua New Guinea.
Melbourne headquartered St Barbara, which in December had
agreed to buy Genesis for A$541.3 million, said the companies
decided to terminate the takeover, mainly due to a rise in
funding requirements, in part due to underperformance at the
Gwalia mine in Leonora.
"The board believes the transaction value from the sale of
the Leonora assets represents fair value for our shareholders,"
St Barbara Chair Tim Netscher said.
Shares of St Barbara Ltd rose 2.3% to A$0.66, while
Genesis shares jumped 10.5% to A$1.22 as of 0101 GMT.
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